Law Test 3

Front 1

Offeror

Back 1

Person who makes an offer

Front 2

Offeree

Back 2

Person to who an offer is made

Front 3

Promisor

Back 3

Person who makes a promise

Front 4

Promisee

Back 4

To whom a promise is made

Front 5

4 elements of a contract

Back 5

1. Agreement
2. Consideration
3. Capacity
4. Legality

Front 6

Contract

Back 6

an agreement that can be enforced in court; formed between two or more competent parties.

Front 7

Bilateral Contract

Back 7

Contract that arises when a promise is given in exchange for a return promise

Front 8

Unilateral Contract

Back 8

Contract that results when an offer can be accepted only by the offeree's performance

Front 9

Void

Back 9

No legal force or binding effect

Front 10

Voidable

Back 10

May be legally avoided at the option of one or both of the parties

Front 11

Express

Back 11

Contract in which the terms of the agreement are stated in words, oral, or witness

Front 12

Implied

Back 12

Contract formed in whole or in part from the conduct of the parties

Front 13

Executed

Back 13

Contract that has been completely performed by both parties

Front 14

Executory

Back 14

Contract that has not yet been fully performed

Front 15

Promissory Estoppel

Back 15

Doctrine that applies when a promisor makes a clear and definite promise on which the promisee justifiably relies

Front 16

Recission

Back 16

The unmaking of a contract between parties

Front 17

Assignment

Back 17

Act of transferring to another all or part of one's arising under a contract

Front 18

Delegation

Back 18

Transfer of a contractual duty to a third party

Front 19

Performance

Back 19

Fulfillment of one's duties arising under a contract with another; normal way way of discharging one's contractual obligation

Front 20

Accord and Satisfaction

Back 20

-

Front 21

Agreement

Back 21

Meeting of 2 or more minds in regard to the terms of a contract, usually broken down into two events: an offer and acceptence.

Front 22

Consideration

Back 22

The value given return for a peomise.

Front 23

Capacity

Back 23

-

Front 24

Legality

Back 24

-

Front 25

Communication of Offer

Back 25

-

Front 26

Counteroffer

Back 26

-

Front 27

Specific Performance

Back 27

-

Front 28

Disaffirmance

Back 28

-

Front 29

Mistake

Back 29

-

Front 30

Fraud

Back 30

-

Front 31

Undue Influence

Back 31

-

Front 32

Contract Discharge

Back 32

-

Front 33

Damages

Back 33

Monetary amount awarded by a court in a civil action to compensate a plaintiff for injury or loss

Front 34

Mitigated Damages

Back 34

Rule requiring a plaintiff to do whatever is reasonable to minimize thee damages caused by the defendent

Front 35

Liquidated Damages

Back 35

Amount, stipulated in the contract, to be paid in the event of a default or breach of contract.

Front 36

Statute of Frauds

Back 36

-

Front 37

Requirements of a Writing

Back 37

-

Front 38

Third Party Contracts

Back 38

One who benefits from a promise made, but is not a party in the contract

Front 39

Tender of Performance

Back 39

-

Front 40

E-Contracts

Back 40

-

Front 41

E-Signatures

Back 41

-

Front 42

E-Sign act

Back 42

-

Front 43

Doctrine of Strict Liability

Back 43

-

Front 44

Privity of contract

Back 44

-

Front 45

Proximate Cause

Back 45

Legal Cause; exists when the connection between an act and an injury is strong enough to justify imposing liability

Front 46

Commonly Known Dangers

Back 46

-

Front 47

Assumption of Risk

Back 47

-

Front 48

Statute of Repose

Back 48

Statute of limitations that is not dependent on the happening of a cause of action