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30 Cards in this Set
- Front
- Back
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Contract |
a promise or set of promises for the breach of which the law gives a remedy or the performance of which the law is some way recognizes a duty |
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Agreement |
One of the four elements necessary for a contract; consists of an offer made by one party, the offeror and the acceptance of the offer by another party, the offeree. |
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Offer |
A key factor in the agreement element of a contract; consists of the terms and conditions set by one party, the offeror, and presented to another party, the offeree. |
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acceptance |
A key factor in the agreement element of a contract; consists of the agreement of one party, the offeree, to the terms of the offer in the contract made by the other party, the offeror. |
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consideration |
the bargained-for exchange; what each party gets in exchange for his or her promise under a contract |
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contractual capacity |
The legal ability to enter into a binding agreement
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legal object |
A purpose that does not violate a statute or public policy |
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lack of genuine assent |
A defense to the agreement of a contract in which the offeree claims that the offeror secured the agreement through improper means, such as duress, fraud, undue influence, or misrepresentation. |
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Uniform Commercial Code (UCC) |
A statutory source of contract law in the United States applicable to transactions involving the sale of goods. The UCC was created in 1952 and adopted by all 50 states, the District of Columbia and the Virgin Islands; it may be modified by each state to reflect the wishes of the state legislature |
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bilateral contract |
a promise exchanged for a promise |
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unilateral contract |
a promise exchanged for an act |
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express contract |
A contract in which all the terms are clearly set forth in either written or spoken words |
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implied contract |
a contract that arises not from words of agreement but from the conduct of the parties. |
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quasi-contract |
a court-imposed contractual obligation to prevent unjust enrichment |
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valid |
A term applied to a contract that includes all four elements of a contract: agreement (offer and acceptance), consideration, contractual capacity, and legal ogject. |
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unenforceable |
A term applied to a contract that, because of a law, cannot be enforced by the courts. |
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Void |
A term applied to a contract that is not valid because its objects is illegal or it has some defect that is so serious that it is not a contract. |
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Voidable |
A term applied to a contract that one or both parties have the ability either to withdraw from or enforce |
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executed |
a term applied to a contract in which all of the terms have been fully performed |
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executory |
a term applied to a contract in which not all of the terms have been fully performed |
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formal contract |
a contract that must have a special form or must be created in a specific manner. |
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Contract under seal |
a contract that has a seal certifying its legality. Such contracts require no consideration for them to be legal |
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recognizance |
an obligation in which a party acknowledges in court that he or she will perform some specified act and/or pay a price on failure to do so. |
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letter of credit |
a binding document that a buyer can request from a bank to guarantee that the payment for goods will be made to the seller. |
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negotiable instrument |
A written document signed by a person who makes an unconditional promise to pay a specific sum of money on demand or at a certain time to the holder of the instrument; an acceptable medium for exchanging value from one person to another. |
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informal contract |
A contract that requires no formalities |
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intent |
the intended purpose or goal of an action, especially in a contract |
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option contract |
an agreement whereby the offeree gives the offeror a piece of consideration in exchange for the offeror's agreement to hold the offer open for the specified period of time. |
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mirror-image rule |
the principle that holds that the terms of the acceptance must mirror the terms of the offer; if the terms of the acceptance do not mirror the terms of the offer, no contract is formed and the attempted acceptance is a couteroffer |
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mailbox rule |
the principle that holds that an acceptance is valid when it is placed in the mailbox, whereas a revocation is effective only when received by the offeree. In some jurisdictions, the mailbox rule has been expanded to faxes |
