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16 Cards in this Set
- Front
- Back
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Contractual Capacity
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The capacity required by the law for a party who enters into a contract to be bound by that contract.
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Emancipation
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In regard to minors, the act of being freed from parental control.
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Disaffirmance
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The legal avoidance, or setting aside, of a contractual obligation.
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Necessaries
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Necessities required for life, such as food, shelter, clothing, and medical attention.
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Ratification
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The acceptance or confirmation of an act or agreement that gives legal force to an obligation that previously was not enforceable.
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Usury
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Charging an illegal rate of interest.
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Covenant Not to Compete
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A contractual promise of one party to refrain from conducting business similar to that of another party for a certain period of time within a specified geographical area.
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Employment Contract
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A contract between an employer and an employee in which the terms and conditions of employment are stated.
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Reformation
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A court-ordered correction of a written contract so that it reflects the true intentions of the parties.
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Unconscionable
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Unscrupulous or grossly unfair.
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Adhesion Contract
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A standard-form contract in which the stronger party dictates the terms.
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Exculpatory Clause
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A clause that releases a contractual party from liability in the event of monetary or physical injury, no matter who is at fault.
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Scienter
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Knowledge by a misrepresenting party that material facts have been falsely represented or omitted with an intent to deceive.
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Statute of Frauds
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A state statute that requires certain types of contracts to be in writing to be enforceable.
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Collateral Promise
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A secondary promise to a primary transaction, such as a promise made by one person to pay the debts of another if the latter fails to perform. A collateral promise, normally must be in writing to be enforceable.
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Prenuptial Agreement
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An agreement made before marriage that defines each partner’s ownership rights in the other partner’s property. Prenuptial agreements must be in writing to be enforceable.
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