Contracts Vocab

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Agreement

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a bargain has in fact been made through language or by implication of circumstances

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Ambiguous

Back 2

an adjective describing uncertainty in meaning or intentions, such as a contracts terms or provisions

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Assumpit

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"He undertook"; refers to an expressed or implied promise in which a person undertakes to perform an act to pay another. It is a common law action for breach of contract

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Bargain

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an agreement to exchange promises or to exchange promises for performance

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Bargain-for-Exchange

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transaction that transfers interests of parties, each in consideration for another

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Bargain Principle

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theory that a "deal is a deal"; a promise negotiated in exchange for another is the consideration for a promise

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Stare Decisis

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"let the decision stand". Doctrine of precedent which prescribes the court to follow earlier judicial decisions when similar circumstance arise in litigation

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Commonplace

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something that is ordinary or trite

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Common Sense

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exercise of ordinary good reason and judgement. It refers to the familiarity with the rules and practices of a particular culture.

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Contract

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Promise (s) in which the law provides a remedy for the breach . A performance in which the law recognizes as a duty.

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Doctrine

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principle of law established through past decisions

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Economics

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a social science concerned with the description and analysis of the production, consumption, and distribution of goods

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Silage

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fermented fodder that can be fed to cud-chewing animals like cattle and sheep

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Express Forms

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intended agreements articulated by the parties to a contract, either orally or written

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Farmout

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the outsourcing of work. Agreement in which the owner of oil and gas lease agrees to give another interest in the property in exchange for doing the work necessary to make the property productive

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Foreseeabilty

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the quality of being reasonably anticipatable

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Gratuity

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a gift, something given voluntary and without obligation, usually in anticipation or return for a service

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Reliance Principle

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Provides that a person who has been injured by the reasonable trusting or dependence on a promise by another be compensated for that injury

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Inter Alia

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"among other things"

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Officious

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describes the volunteering of one's services where they are neither requested or needed

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Meretricious

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adjective describing something that is gaudily attractive

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Doctrine of misunderstanding

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Provides that there is no manifestation of mutual assent to an exchange if both parities attach different meaning to their manifestations and neither party has reason to know the meaning attached by the other

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Unjust Enrichment

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A retention of a benefit at the expense of another without offering compensation when it is expected. The beneficiary must make restitution to the other party.

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Politics

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Science of organization and administration of the state

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Precedent

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the making of law in a court by recognizing and applying new rules when administering justice. Decision furnishes a basis for determining later cases

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Rebuttable Presumption

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an inference drawn based on the facts of a prima facie case, which may be overcome by the introduction of contrary evidence

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Principles

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basic rules, laws, or doctrines

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Promise

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manifestation of an intention to act or refrain from an action in a specific manner in which another understands that a commitment has been made

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Promissory Estoppel

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principle that a promise made without consideration may be enforced to prevent injustice if the promisor could reasonable expect the other party to rely on the promise at his/her detriment

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Quasi-contract

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an obligation created and imposed by law because of the relationship bet. parties or b/c one party was unjustly enriched. A remedy that allows the plaintiff to recover a benefit conferred by the defendant

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Relational Contract

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establishes a framework in which parties compose and resolve their disputes ie. collective bargaining agreements

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Restitution Principle

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holds that one who violates a duty or commits some wrong ought to be required to repair an injury he/she caused

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Law

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the regime composed of legislation, judicial precedents, and accepted articulations of authoritative grounds of judicial and administrative actions to order human activities and relations through systematic application of social pressure

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Neoclassical Economic Model

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closely associated with the bargain principle. Assumes that people have access to perfect information, that resources are freely movable, that they rationally act in their own self-interest without artificial restrictions on entry into the marketplace. The current distribution of wealth is given and regarded as fair an equitable.

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Objective Theory of Interpretation

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words and conduct should be interpretative according to the undertaking of a reasonable person