Chapter 17

Front 1

adhesion contract

Back 1

contracts that are drawn by one party to that party's benefit and must be accepted as is on a take it or leave it basis of a contract is to result.

Front 2

affirm

Back 2

approve

Front 3

avoid

Back 3

make void

Front 4

bilateral mistake

Back 4

when both parties are mistaken about an important aspect of an agreement that they entered into, so that no meeting of the minds occurs,

Front 5

boilerplate

Back 5

standard language used commonly in documents of the same type.

Front 6

consideration

Back 6

an exchange of benefits and detriments by the parties to the agreement.

Front 7

deceit

Back 7

occurs when one party to the contract makes a misrepresentation of a material, existing fact that the other party to the contract relies on and thereby suffers damages.

Front 8

detriment

Back 8

the giving up of a legal right.

Front 9

duress

Back 9

the overcoming of a persons free will by the use of threat or physical harm.

Front 10

e-signature

Back 10

electronic signature

Front 11

exculpatory clause

Back 11

clause that is used to escape legal responsibility

Front 12

failure of consideration

Back 12

a contract containing consideration that is not in fact given to the party being sued

Front 13

firm offer

Back 13

promise in writing to hold an offer open for the sale of goods.

Front 14

forbearance

Back 14

refraining from taking action

Front 15

fraud

Back 15

occurs when one party to the contract makes a misrepresentation of a material, existing fact that the other party to the contract relies on and thereby suffers damages

Front 16

fraud in esse contractus

Back 16

fraud as to the essential nature of the transaction.

Front 17

fraud in the inducement

Back 17

the defrauded party was induced by fraud to enter into the contract

Front 18

in pari delicto

Back 18

in equal fault

Front 19

lack of consideration

Back 19

refers to a barren promise containing no consideration in the agreement

Front 20

locus

Back 20

the exact parcel of land under contract

Front 21

locus sigilli

Back 21

the place of the seal

Front 22

memorandum

Back 22

the writing that is necessary to satisfy the statute of frauds

Front 23

mutual mistake

Back 23

when both parties are mistakien about an important aspect of an agreement that they entered into, so that no meeting of the minds occurs.

Front 24

nudum pactum

Back 24

a barren promise with no consideration

Front 25

option contract

Back 25

a binding promise by an offeror to hold an offer open and requires consideration from the offeree to make it binding.

Front 26

parol evidence rule

Back 26

oral evidence of prior or contemporaneous negotiations between the parties is not admissible in court to alter, vary, or contradict the terms of a written agreement.

Front 27

promisee

Back 27

the one to whom the promise was made

Front 28

promissor

Back 28

the one who made the promise

Front 29

promissory estoppel

Back 29

no consideration is necessary when someone makes a promise that induces another's action or forbearance

Front 30

rescind

Back 30

cancel

Front 31

rescission

Back 31

cancellation

Front 32

seal

Back 32

mark, or impression are placed on a written contract next to the party's signature

Front 33

statute of frauds

Back 33

a rule of law stating that certain contracts must be in writing in order to be enforceable.

Front 34

unconscionable

Back 34

harshly one-sided and unfair

Front 35

undue influence

Back 35

overcoming of a person's free will by misusing a position of trust and taking advantage of the other person who is relying on the trust relationship.

Front 36

unilateral mistake

Back 36

one sided mistake

Front 37

usury

Back 37

the charging of a greater amount of interest than is allowed by law