Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
32 Cards in this Set
- Front
- Back
|
An event must happen before a party is obligated under an existing contract.
|
What is a condition precedent or condition subsequent?
|
|
|
The court orders the breaching party to perform the terms of the contract
|
What is specific performance?
|
|
|
The person who transfers rights under a contract to another
|
What is the assignor?
|
|
|
Agreement that can be enforced in court
|
What is a contract?
|
|
|
I am forced to sign a contract
|
What is duress?
|
|
|
Not a party to a contract, but will benefit from the performance of the contract
|
What is a third party beneficiary?
|
|
|
Personal property that has intrinsic value, such as a ring
|
What is Tangible Personal Property?
|
|
|
Standard text included in most contracts
|
What is boiler plate?
|
|
|
The party having the responsibility to perform the terms of a contract
|
What is the obligor?
|
|
|
Oral evidence cannot be used to vary the clear terms of a contract
|
What is the parol evidence rule?
|
|
|
Damages designed to punish the breaching party
|
What are punitive damages?
|
|
|
The parties agree, in advance, as to the amount of damages
|
What are liquidated damages?
|
|
|
Some contracts must be in writing
|
What is the Statute of Frauds?
|
|
|
One party to a contract is prepared to perform his/her obligations under the contract
|
What is tender?
|
|
|
The terms of a contract are so onerous that the court will not enforce it
|
What is an unconsionable contract?
|
|
|
Personal property that has intrinsic value, such as a ring
|
What is Tangible Personal Property?
|
|
|
An employment contract prevents an employee from working for a competing company for an unreasonable period of time
|
What is restraint of trade?
|
|
|
Something of value
|
What is consideration?
|
|
|
Damages paid to compensate a party where there is no enforceable contract
|
What is quantum meruit?
|
|
|
Property that is tangible and movable
|
What are goods?
|
|
|
Passing of title from seller to the buyer at a price
|
What is a sale?
|
|
|
Indicates who owns the goods
|
What is title?
|
|
|
The seller is required to deliver goods to certain shipper
|
What is a shipment contract?
|
|
|
Good faith purchaser
|
What is a bona fide purchaser for value (BFP)?
|
|
|
One party asks for assurances, but the other party fails to respond
|
What is anticipatory repudiation?
|
|
|
Goods conform in every detail
|
What is perfect tender?
|
|
|
Goods are fit for their intended purpose
|
What is an Implied Warranty (of Merchantability)?
|
|
|
A party has sufficient interest in goods in order to insure against loss
|
What is an insurable interest?
|
|
|
Seller is required to deliver goods to certain destination
|
What is a destination contract?
|
|
|
The buyer’s order does not match the seller’s invoice
|
What is the battle of the forms?
|
|
|
The seller defaults on the contract, and buyer substitutes with other goods
|
What is cover?
|
|
|
Personal property that represents value, such as a dollar bill
|
What is Intangible Personal Property?
|
