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43 Cards in this Set
- Front
- Back
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Contract |
Legally enforcing document |
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Breach of contract |
Failure to perform contractual obligations |
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Void |
Of no legal effect |
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Unenforceable contact |
Agreement that is not currently binding |
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Express contract |
Contract with terms of the agreement specified in words |
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Implied contract |
Contract with major terms implied by parties' conduct |
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Formal contract |
Contract with special form or manner of creation |
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Recognizance |
Obligation entered into before a court can do an act required by law |
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Negotiable instrument |
Document of payment such as a check |
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Simple contract |
Contract that is not formal |
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Written contract |
Contract with terms in writing |
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Oral contract |
Contract with terms spoken |
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Executory contract |
Contract not fully carried out |
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Executed contract |
Fully performed contract |
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Unilateral contract |
Contract calling for an act in consideration for a promise |
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Bilateral contract |
Contract consisting of mutual exchange promises |
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Quasi/implied in law contract |
Imposition of rights and obligations by law without a contract |
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Unjust enrichment |
One party benefiting unfairly at another's expense |
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Offer |
Proposal to make a contract |
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Offeree |
To whom an offer is made |
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Offeror |
Person who makes an offer |
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Option |
Binding promise to hold an offer open |
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Firm offer |
Merchants signed, written offer to sell it purchase goods, saying it will be held open |
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Acceptance |
Assent to an offer resulting in a contract |
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Counteroffer |
Offeree's response that rejects offer by its varying terms |
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Minor |
Person under the legal age to contract |
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Necessaries |
Items required for living at a reasonable standard |
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Disaffirmance |
Repudiation of a voidable contract |
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Ratification |
Indication by an adult that a contract made while a minor is binding |
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Convict |
Person found guilty by court of a major offense |
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Tender of performance |
Offer to perform in satisfaction of terms of contract |
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Tender of payment |
Offer and ability to pay money owed |
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Legal tender |
Any form of lawful money |
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Statute of limitations |
Time within which the right to sue must be exercised or lost |
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Breach |
Failure or refusal to perform contractual obligations |
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Anticipatory breach |
One party announces intention not to perform prior to time to perform |
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Damages |
Sum of money awarded to injured party |
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Nominal damages |
Amount equal to the loss sustained |
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Punitive damages |
Amount paid to one party to punish the other |
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Liquidated damages |
Sum fixed by contract for breach where actual damages are difficult to measure |
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Rescind |
Set aside or cancel |
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Specific performance |
Carrying out terms of contract |
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Malpractice |
Failure to perform with ability and care normally exercised by people in a profession |
