Ch. 14 Contract And Sales, Performance And Remedies

Front 1

Mental and age thresholds for valid contracts

Back 1

Capacity-Contract with a minor

Front 2

a contract that give awesome benefits to one party but not to the other e.g the girl that sold investment to scam

Back 2

Unconscionable contract

Front 3

" Basis of Bargain" A fact that would be important to a reasonable person in deciding whether to engage or not to engage in a particular transaction; an important fact as distinguished from some unimportant or trivial detail.

Back 3

Material fact

Front 4

contract that courts will not honor. An agreement to carry out an illegal act is an example of a void contract or void agreement. For example, a contract between drug dealers and buyers is a void contract simply because the terms of the contract are illegal.

Back 4

Void contract

Front 5

incomplete representation or inaccurate presentation prior to contract execution. 3 elements: 1. misstatement of material fact 2.reliance by buyer on misstatement 3.resulting damages to buyer

Back 5

Misrepresentation (elements)

Front 6

setting aside contract as remedy- restoring things the way they were before parties committed to contract. e.g car sold on ebay

Back 6

Rescission

Front 7

intentional misrepresentation

Back 7

Fraud

Front 8

Like what Dave Royce made with Terminex 4 year max period

Back 8

Covenant not to compete

Front 9

Standards of decency

Back 9

Public policy

Front 10

. A contractual clause that releases one party from liability in case of wrong doing by the other party involved e.g A parking lot agreement where the parking lot says it is not responsible for loss of contents or damage to the vehicle

Back 10

Exculpatory clauses

Front 11

If performance can be completed by a minor alteration, or if the only obstacle to complete performance is a small defect, then the party may not use the doctrine of substantial performance and must correct their mistake. e.g car color paint job

Back 11

Substantial performance

Front 12

amount required to place party in as good a position before the breach

Back 12

Compensatory Damages

Front 13

the amount of monetary damages that contracting parties agree will be paid by the breaching party if the contract is breached. This amount is written into the contract in a portion known as a liquidated damages clause.

Back 13

Liquidated damages

Front 14

damages owed to third party because of breach

Back 14

Consequential damages