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30 Cards in this Set
- Front
- Back
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unilateral mistake |
when a party makes a mistake when writing out the terms of a contract; other party |
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rectification |
correct the contract to reflect the true agreement of the parties |
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mutual mistake |
parties misunderstand each other and are at cross purposes = void |
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caveat emptor |
let the buyer beware |
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non est factum |
"it's not my doing" |
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misrepresentation |
incorrect of untrue statement OF FACT about a material element of the contract |
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entire agreement clause |
"there are no warranties, representations, guarantees, etc. other then those set within" |
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silence in a misrepresentation |
if a party wants information, they must ask for it, in which case answers might form the basis of a misrepresentation claim |
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disclosure obligation |
stem from a) a special relationship of trust between parties (like a fiduciary relationship) or b) certain types of contracts |
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common law disclosure obligation |
requirement to disclose all material latent defects in the property |
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undue influence |
improper use of power or trust by one person in a way that deprives another person of free will |
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unconscionable transaction |
inequality of bargaining power between parties to a contract; significantly unfair contract that warrants judicial intervention |
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consumer transaction |
a transaction in with a consumer for purposes that are primarily personal, family, or household |
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undue influence and unconscionably can and do |
overlap |
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duress |
actual or threatened violence or imprisonment against a party, or his family, as a means of enforcing them into a contract |
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economic duress |
unlawful coercion to perform an act by threatening financial, rather than bodily, injury at a time when one can't excercise freewill |
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privity of contract |
contract will not give any enforceable benefits to, or impose obligations upon, a party not privy to the contract (not on contract) |
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vicarious performance |
when a third party (employee, etc.) performs the contractual obligations of one of the parties |
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undisclosed principal |
ex. famous actor that wants to remain private
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trust |
right to beneficial enjoyment of property to which another person holds legal title |
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trust terms |
TRUSTEE agrees to administer the property for the benefit of the BENEFICIARY. Trust created by a SETTLOR who transfers some or all of their property to the trustee. Seller and trustee sign a TRUST AGREEMENT, whereby the trustee accepts the transfer and agrees to hold it for the benefit of the beneficiary. |
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exclusion clause/limitation of liability clause |
exempt a party and certain other third parties, like agents/employees/subcontractors/directors from liability |
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assignment |
transfer outstanding (remaining) rights to a third party assignor - one of parties to initial contract assignee - third party |
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equitable assignment |
all that is required is a clear intention (written or oral) to assign the contractual right or benefit |
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promisor |
the other person besides the assignor in a lawsuit |
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statutory assignments |
assignee of a contract may enforce the contract in court by suing the promisor, without joining (naming) the assignor in the lawsuit |
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subject to equities |
mean assignee can acquire no better right to sue than the assignor had |
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when a person passes away, rights and obligations assigned to an: |
executor - if named in the will administrator - if person died intestate (without leaving a will) or executor named doesn't act |
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trustee (bankruptcy) |
court appointed person who takes control of a person's property in the event of bankruptcy |
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negotiable instruments |
cheques (order made by the drawer to the drawee) promisory notes (promise made by one to another party to pay) |
