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10 Cards in this Set
- Front
- Back
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Statute of frauds |
Laws that stipulate what types of contracts must be in writing |
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Real property |
Land and all other physical objects that are permanently attached to the soil |
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Collateral promise |
Something that is secondary to the principal transaction |
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Guarantor |
A person who promises to pay someone else's loan if that person fails to pay |
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Prenuptial agreement |
Documents made before marriage that define each partners ownership rights in the other partners property. |
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UCC |
Uniform commercial code |
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Specific performance |
An equitable remedy that requires performance of the contract according to its precise terms |
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Admits |
Where a party against whom enforcement of an oral contract is sought, states under oath that a contract for sale was made, the contract is enforceable |
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Parol evidence rule |
If a court finds that a written contract represents the complete and final statement of the parties agreement, it will not allow either party to present parol evidence |
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Integrated contract |
An agreement that is intended to be complete and final statement of terms of the agreement |
