Pols 140 Test 5

Front 1

contract

Back 1

A promise, or set of promises, for breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty.

Front 2

express contract

Back 2

An oral or written contract that explicitly states the contract terms.

Front 3

implied contract

Back 3

A contract that is inferred from the conduct of the parties.

Front 4

bilateral contract

Back 4

A contract in which the parties exchange promises to do some future act.

Front 5

unilateral contract

Back 5

A contract in which one of the parties acts immediately in response to an offer.

Front 6

executory contract

Back 6

A contract in which some or all of the terms remain to be completed.

Front 7

executed contract

Back 7

A contract in which all the terms have been met or all actions completed.

Front 8

void contract

Back 8

A contract that is void from its inception.

Front 9

voidable contract

Back 9

A contract that one party may safely dissaffirm under certain conditions while the other party is bound by its terms.

Front 10

unenforceable contracts

Back 10

Contracts that cannot be legally enforced because of some missing legal element such as being notarized or witnessed.

Front 11

offer

Back 11

A proposal to enter into a contract.

Front 12

capacity

Back 12

The ability of an individual who is not under some legal disqualitfication such as infancy or insanity, to enter into legally binding agreements.

Front 13

acceptance

Back 13

In contract law, the offeree's compliance with the terms of an offer and the mainfestation of such compliance.

Front 14

consideration

Back 14

The inducement to contract that may include money, mutual exchange of promises, or the agreement of parties to do or refrain from doing some act which they are not obligated to do.

Front 15

Party

Back 15

One of the principals, either the plaintiff or the defendant, in a lawsuit.

Front 16

artificial persons

Back 16

A corporation that is given certain human attributes by legal fiction in order that it may sue and be sued.

Front 17

age of majority

Back 17

The age set by statute at which one loses the disabilities of minority and becomes able to enter legally binding contracts.

Front 18

emancipation

Back 18

The removal of one's legal disability of being a minor, either by reaching the age of majority or by other statutory reasons such as marriage or court order.

Front 19

mental capacity to contract

Back 19

The ability to understand the nature and effects of the business being transacted

Front 20

mutual assent

Back 20

Two parties have a true "meeting of the minds" - the parties must reach an agreement on the same bargain on the same terms.

Front 21

offeree

Back 21

The person to whom an offer is made.

Front 22

offeror

Back 22

The person making an offer.

Front 23

third-party beneficiary contracts

Back 23

Contracts intended to benefit a third party, that is, one who is not a party to the contract.

Front 24

assignment

Back 24

The transfer of a present contractual interest to a third party.

Front 25

breach of contract

Back 25

Failure to perform any aspect of a contract.

Front 26

repudiation

Back 26

The contract remedy excusing one party from performance of the contract terms based on the other party's statements of prospective nonperformance.

Front 27

promissory estoppel

Back 27

A contract remedy that is employed where one party has changed positions in reliance of the other party's gratutious promise.

Front 28

parol evidence rule

Back 28

A rule of contract construction that prevents modification of written contracts by any oral statements.

Front 29

Unifrom Commercial Code (UCC)

Back 29

A set of uniform statues governing commercial transactions that have been enacted by state legislatures with some modifications.

Front 30

warranty

Back 30

A covenant or promise that a statemnet or fact is true.

Front 31

Express warranties

Back 31

An explicit statement or promise that a certain fact in relation to the subject of the contract is true or accurate.

Front 32

implied warranty of merchantability

Back 32

The warranty imposed on merchants that goods are merchantible as defined in the UCC; the warranty is imposed even though the merchants do not actually make such claims.

Front 33

unconscionable contracts

Back 33

A contract in which one party imposed an unreasonably favorable contract on the other, who lacked a meaningful choice as to the contract terms.

Front 34

sole proprietorship

Back 34

A business organization in which ownership is vested in a single individual who recieves all profits but who also bears all laibility.

Front 35

partnership

Back 35

A business organization in which ownership is shared by two or more people and/ or legal entities.

Front 36

corporations

Back 36

A business organization in which the owners are the stockholders who have limited liability and management responsibilites based on the pro rata share of ownership.

Front 37

liquidated damages

Back 37

A predetermined sum to be paid in the event of nonperformance.

Front 38

compensatory damages

Back 38

Damages designed to place the aggrieved party in the economic position in which he would have been had the contract been performed.

Front 39

Punitive damages

Back 39

Damages designed to punish intentional or malicious wrongdoers by heaping additional costs upon them.

Front 40

specific performance

Back 40

The court orders the party breaking the contract to comply with its terms.

Front 41

Statute of Frauds

Back 41

Requires that certain contracts be in writring in order to be enforceable

Front 42

Implied Warranty of Fitness

Back 42

Applies to all sellers of goods, be they merchants or not. The seller is warrnating that the goods are fit for a particular use.

Front 43

consanguinity

Back 43

Related by blood such as parents and children, siblings, or cousins.

Front 44

affinity

Back 44

Related by marriage, such as a mother-in-law and son-in-law or stepchildren or stepbrothers.

Front 45

marriage

Back 45

A legally recognized special relationship between a man and a women that is founded in contract.

Front 46

informal marriages; common-law marriage

Back 46

A type of legally recognized marriage created by informal means'

Front 47

divorce

Back 47

Dissolution of the marital relationship through judicial action.

Front 48

no-fualt divorce

Back 48

A divorce in which neither party must allege or prove fault (adultery, cruelty, etc.) In order to dissolve the marriage, the grounds are generally incompatibility for failure of the marriage.

Front 49

pro forma

Back 49

the judges acceptance of the parties' agreements in regard to custody of minor children, if any, and to the property division

Front 50

annulment

Back 50

Dissolution of a marriage that was invalid from its inception through judicial action.

Front 51

voidable marriage

Back 51

marriage which does not meet the requirments for a valid marrriage and which can be dissolved on that basis.

Front 52

fraud

Back 52

knowingly making false statements about a material and essential fact in order to induce someone into marriage, such as denying that one is currently married.

Front 53

duress

Back 53

Results from employing coercion or force in persuading someone to marry

Front 54

no-fualt grounds

Back 54

allege incompatibility, marriage break-down, or similar circumstances that indicate that the parties are no longer getting along and wish to end the marriage.

Front 55

prenuptial agreements or antenuptial agreements

Back 55

Contracts entered into before marriage by the spouses that outline certain conditions such as the division of property in case of divorce.

Front 56

marital property

Back 56

all property acquired by either spouse during the marriage relationship, except for gifts or inheritance.

Front 57

alimony

Back 57

Court-ordered support payments from one spouse to the other following the dissolution of marriage

Front 58

best interest of the child

Back 58

An objective standard used by the courts in determining custody of a child in contested cases.

Front 59

adoption

Back 59

The act of voluntarily assuming the rights and obligations of a parent over a child.

Front 60

emancipation

Back 60

The remvoal of one's legal disabilty of being a minor, either by reaching the age of majoirty or by other statutory reasons such as marriage or court order.