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49 Cards in this Set

  • Front
  • Back
assumpsit
A Latin word that means he or she undertook or he promised to
bailment
delivery of personal property in a trust
contract
an oranor written agreement to do or not to do a certain thing
consideration
the thing of value in exchange for which a promise is given
fraud
means deceit, cheating or trickery
undue influence
taking unfair advantage of anothers weakness of mind or improperly persuading another to make a decision that he or she would not normally do
duress
overpowering of the will or another by force or fear
executory contract
contract in which something remains to be done
offer
a proposal, the acceptance of which constitutes a contract
breach of contract
a person who fails to perform promises made ina contract with another
infant, minor
a person who is below the legal age
Nudum Pactum
refers to a contract based upon improper consideration
Quid pro quo
means something for something, *** for tat
parol evidence rule
provides that a contract cannot be modified or changed by oral testimony in the absence of mistake or fraud
pro tanto
for so much, or as far as it goes
bailor
one who delivers personal property to another to be held in bailment
subrogation
the substitution of one person for another in a lawful claim or right. it is also called the doctrine of substitution
conversion
the tort committed by a person who deals w/chattels not belonging to him in a manner against the ownership rights of the lawful owner
bailee
the person to whom a bailment is made
executed contract
is one in which nothing remains to be done
Breach
breaking or being broken
breach of peace
violation of the public peac, as by a riot, disturbance or action contrary to law and against public tranquility
implied contract
is one inferred by the law from acts, conduct, and circumstances surrounding the transaction
breach of promise
failure to fulfill ones word, especially failure to keep a promise to marry
express contract
is one which the terms are clearly stated in words
lease
any written agreement that gives rise to a landlord-tenant relationship
aliunde
means from another place
aleatory contract
is one that depends upon a contingency
novation
the substitution of a new obligation for an old one
Inchoate
means begun but not completed
emblements
are the products of the soil that result from the labor of the person in posession of the land
covenant
a binding agreement between two or more parties to do or not to do a specified thing.
option
an offer to which is added a certain amount of time for consideration
Caveat emptor
let the buyer beware
tenant
a person who rents or leases property from a landlord ; syn. lessee
Demise
may mean a lease for years
escalator clause
provides for changes in prices as readjustments in leases and contracts
Caveat mercator
means let the merchant beware
seal
more important legal instruments, such as deeds and mortgages are under seal
Locus Sigilli
the place of the seal; abrev. L.S.
recsission
rescinding of a contract
caveat venditor
let the seller beware
default
omission to do what should be done
caveat viator
let the traveler beware
landlord
a person who owns and controls property rented or leased to another
lessor
a landlord who grants a lease
caveat actor
let the doer beware
assignment
transfer of a right
lessee
a tenant who is given possession of land under a lease