Chap 11

Front 1

Privity of Contract

Back 1

the relationship that exists between parties to a contract

Front 2

Exemption Clause

Back 2

a clause in a contact that exempts or limits the liability of a party

Front 3

Trust

Back 3

an agreement that transfers property to a person who administers it for the benefit of another perosn

Front 4

Benefricial owner

Back 4

a person who is although not the legal owner may compel the trustee to provide benefits to him

Front 5

Resulting Trust

Back 5

a trust relationship recognized when the conduct of the parties demonstrates the intention to hold the property for the benefit of another.

Front 6

Constructive trust

Back 6

a trust relationship imposed by the court to prevent a party from being unjustly enriched by keeping property that should benefit another.

Front 7

Enurement clause

Back 7

a clause in a contact that extends the rights and benefits to those inheriting from a part succeeding the party or taking assignment from a party

Front 8

assignment

Back 8

the transfer by a party of its unperformed rights under a contact to a 3rd party

Front 9

assignor

Back 9

a party that assigns its rights under a contact to a 3rd party

Front 10

assignee

Back 10

3rd party to whom rights under a contact have been assigned

Front 11

equitable assignment

Back 11

all 3 parties that the assignee, assignor and promiser all must be party of the legal actions

Front 12

statutorily assignment

Back 12

an assignment that complied with the statutory provisions enabling the assignee to sue the other party without joining the assignor to an action

Front 13

Set off

Back 13

the right of a promisor to debut on the existing debt owed to him by the promisee

Front 14

Chose in action

Back 14

rights to intangible property such as patents

Front 15

choses in possession

Back 15

rights to tangible property which may be processed physically

Front 16

common mistake

Back 16

both parties believe the same wrong fact

Front 17

mutual mistake

Back 17

both parties are mistaken but believe something diffrent

Front 18

unilateral mistake

Back 18

one party is mistaken and the other knows the truth

Front 19

rectification

Back 19

correction of a written document to reflect accurately, the contact made by the parties

Front 20

void

Back 20

never formed at all

Front 21

voidable

Back 21

court decide if its equitable to set a side a contract or not

Front 22

narrow meaning

Back 22

not an error in judgement but an error with respect to the terms of the contact

Front 23

Non est Factum

Back 23

its not my doing

Front 24

Guarantee

Back 24

a promise to answer for a debt, default or miscarriage of another.

Front 25

idmemity

Back 25

a promise by a 3rd party to be primary liable to pay the debt ex) get a coffee i will pay for it

Front 26

Strict/Plain meaning approach

Back 26

restricts interpretation to the ordinary or dictionary meaning of a word

Front 27

Liberal approach

Back 27

looks to the intent of the parties and surrounding circumstances, and tends to min, but not ignor the importance of the words actually used

Front 28

Contra Proferentem

Back 28

a rule of contract interpretation of a clause that is least favorable to the party who drafted the clause

Front 29

Parole Evidence rule

Back 29

prevents a party to a written contact too add, subtract parol evidence to the final written contact

Front 30

Collateral Agreement

Back 30

separate agreement between the parties made at the same time , but not included in the written contact

Front 31

Condition Precedent

Back 31

any sets of circumstances/ events that parties stipulate must be satisfied