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24 Cards in this Set
- Front
- Back
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contractual term
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a provision in an agreement that creates a legal enforacble obligation
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pre contractual representation
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a statement one party makes by words or conduct with the intention of inducing another party to enter into a contract
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misrepresentation
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a false statement of fact that causes the recipient to enter into a contract
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opinion
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the statement of a belief or judgment
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future conduct
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second type of non factual statment
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restitution
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involves a giving and taking back on both sides
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affirmation
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occurs when the mislead party declares an intention to carry out the contract or otherwise acts as though it is bound by it
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rescission
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the cancellation of a contract by the court with the aim of restoring the parties, to the greatest extent possible, to their precontractual state
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damages
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intended to provide monetary compensation for the losses that a person suffered as a result of relying upon a misrepresentation
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innocent misrepresentation
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a statement a person makes carefully and without knowledge of the fact that is is false
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negligent misrepresentation
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false, inducing statement made in an unreasanable or careless matter
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fraudulant misrepresentation
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occurs when a person makes a statement they know is false or that they have no reason to beleive is true or is reckless
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express term
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a statement made by one of the parties that a reasonable person would believe was intended to create an enforcable obligation
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parol evidence
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evidence that is not contained within the written contract
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collateral contract
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a seperate indertaking one person makes to another in consideration of that other persons entry ino a formal contract
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ambigous term
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has more than one plausable meaning
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literal approach
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assinges words their ordinary meaning
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contextual approach
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goes beyond the 4 corners of the document by looking at the parties intentions and their circumstances
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golden rule
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says that words will be given their plain ordinary meaning unless to do so would result in absurbity
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contra proferentem rule
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ensures that the meaning least favourable to the auther will prevail
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implied term
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arises by operation of law, either by the common law or under a statute
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standard form agreements
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mass produced documents usually drafted by a party who is in an economic position to offer those terms on a take it or leave it basis
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exclusion clause
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a contracual term that seeks to protect one party from various sorts of legal liability
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boilerplate clause
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a clause that is used repeatedly without any variation
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