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