Contract Law Vocab 7-8

Front 1

Antenuptial agreement

Back 1

contract entered into prior to marrige determining parties' rights on dissolution of the marriage, must be in writting

Front 2

Condition

Back 2

Fact or even, the happening or non-happening of which creates or extinguishes an absolute duty to preform

Front 3

Condition concutrrent

Back 3

promise to preform and preformance occure simultaneously

Front 4

Condition precedent

Back 4

fact or event that must occure before an absolute duty to preform is created

Front 5

condition subsequent

Back 5

fact or event that must occur before an absolute duty to preform; no breach of contract

Front 6

covenant

Back 6

an absolute, unconditional promise to preform

Front 7

Express condition

Back 7

condition created by words of the party

Front 8

Gaurantee

Back 8

promise to answer for the debts of another; must be in writting

Front 9

Implied-in-fact condition

Back 9

condition created by the reasonable expectations of the parties

Front 10

Implied-in-law

Back 10

condition imposed by law in the interest of fairness

Front 11

Palimony

Back 11

payment made to a person under certian circumstances pursuant to break-up of nonmarital relationship

Front 12

Parol evidence rule

Back 12

oral testimony may not be used to vary the terms of a contract writting

Front 13

Prenuptial agreement

Back 13

same as antenuptial agreement

Front 14

Promissory note

Back 14

written promise to pay money in repayment of a loan

Front 15

Rules of construction

Back 15

court guidelines used to interpret contractual provision

Front 16

Staute of frauds

Back 16

law requiring certian types of contracts to be in writting to be enfourcable

Front 17

Time of the essence clause

Back 17

contractual clause that makes a covenant of a timing element

Front 18

Uniform Commercial Code

Back 18

statutory enactment that covers the sale of goods valued at over $500, among other things

Front 19

Attachment

Back 19

time at which security interest becomes an inchoate right

Front 20

Battle of the forms

Back 20

difference in forms used by merchants for sales agreements

Front 21

CIF

Back 21

cost of insurance and freight paid for by seller, even though risk of lost has passed to the buyer

Front 22

COD

Back 22

cost on delivery; conditional contract in which the risk of loss passes to buyer only after goods have been delivered and paid for

Front 23

Collateral

Back 23

property pledged to secure a security interest

Front 24

Consignment contract

Back 24

conditional contract in which risk of loss remains with the seller until buyer resells the goods

Front 25

cover

Back 25

remedy whereby buyer can purchase goods in substitution for breached contract

Front 26

Ex ship

Back 26

destination contract in which risk of loss passes to buyer when goods are off-loaded from the mode of transport

Front 27

FAS

Back 27

free alongside; a shipping contract in which risk of loss passes to buyer when goods are placed alongside vessel used for transportation

Front 28

Financing statement

Back 28

Document filed in government office to protect a security interest

Front 29

floating lien

Back 29

security interest in after-acquired property

Front 30

FOB (carrier)

Back 30

shipment contract in which risk of loss passes when goods are loaded onto third-party carrier

Front 31

FOB (place of shippment)

Back 31

free on board; shipment contract in which risk of loss pass when goods are given to third-party carrier

Front 32

Implied warrenty

Back 32

guarantee created by opperation of law

Front 33

Mechanic's lien

Back 33

security intrest given under common law to persons who repair property

Front 34

Merchant

Back 34

person who regularly trades in goods or who holds himself out as having knowlage peculiar to a specific good

Front 35

No arrival, no sale

Back 35

destination contract in which risk of loss passes to buyer wehn goods are tendered to the buyer

Front 36

perfect tender

Back 36

buyers right to complete preformance

Front 37

perfection

Back 37

method or creating and preotecting a security interest under artical IX of the UCC

Front 38

Purchase money security interest

Back 38

security interest created in the creditor whose money is used to buy the collateral

Front 39

Replevin

Back 39

equitable remedy in which buyer reclaims property

Front 40

Revoction

Back 40

to recall an offer

Front 41

Sale on approval

Back 41

conditional contract in which risk of loss passes to the buyer when the buyer receives approved goods

Front 42

Sale or return

Back 42

conditional contract in which risk of loss passes when buyer receives goods, buyer bears the cost of returning the goods of which he does not approve

Front 43

Secured transaction

Back 43

any transaction, regardless of form, that creates a security interest in personal property or fixtures

Front 44

Security agreement

Back 44

document signed by debtor and creditor, that names the colleteral, and creates a security interest in said colleteral

Front 45

security interest

Back 45

right acquired by a creditor to attach collateral in case of defualt by the debtor

Front 46

Shipment contract

Back 46

agreement whereby risk passes from seller to buyer when goods are transported by a third person

Front 47

Strict liability

Back 47

no standard of care; automatic liability if properly used goods do not meet the warrenty

Front 48

Warranty

Back 48

guarantee made by manufacturer or seller with respect to quality, quanity, and types of goods being sold

Front 49

Warrenty of fitness for a particular use

Back 49

guarantee that goods can be used for a specific purpose

Front 50

warranty of merchantability

Back 50

guarantee that goods can be used in their current condition

Front 51

Warrenty of title

Back 51

guarentee that seller has a title sufficient to transfer goods to buyer