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60 Cards in this Set

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  • Back
contract
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.
express contract
An oral or written contract that explicitly states the contract terms.
implied contract
A contract that is inferred from the conduct of the parties.
bilateral contract
A contract in which the parties exchange promises to do some future act.
unilateral contract
A contract in which one of the parties acts immediately in response to an offer.
executory contract
A contract in which some or all of the terms remain to be completed.
executed contract
A contract in which all the terms have been met or all actions completed.
void contract
A contract that is void from its inception.
voidable contract
A contract that one party may safely dissaffirm under certain conditions while the other party is bound by its terms.
unenforceable contracts
Contracts that cannot be legally enforced because of some missing legal element such as being notarized or witnessed.
offer
A proposal to enter into a contract.
capacity
The ability of an individual who is not under some legal disqualitfication such as infancy or insanity, to enter into legally binding agreements.
acceptance
In contract law, the offeree's compliance with the terms of an offer and the mainfestation of such compliance.
consideration
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.
Party
One of the principals, either the plaintiff or the defendant, in a lawsuit.
artificial persons
A corporation that is given certain human attributes by legal fiction in order that it may sue and be sued.
age of majority
The age set by statute at which one loses the disabilities of minority and becomes able to enter legally binding contracts.
emancipation
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.
mental capacity to contract
The ability to understand the nature and effects of the business being transacted
mutual assent
Two parties have a true "meeting of the minds" - the parties must reach an agreement on the same bargain on the same terms.
offeree
The person to whom an offer is made.
offeror
The person making an offer.
third-party beneficiary contracts
Contracts intended to benefit a third party, that is, one who is not a party to the contract.
assignment
The transfer of a present contractual interest to a third party.
breach of contract
Failure to perform any aspect of a contract.
repudiation
The contract remedy excusing one party from performance of the contract terms based on the other party's statements of prospective nonperformance.
promissory estoppel
A contract remedy that is employed where one party has changed positions in reliance of the other party's gratutious promise.
parol evidence rule
A rule of contract construction that prevents modification of written contracts by any oral statements.
Unifrom Commercial Code (UCC)
A set of uniform statues governing commercial transactions that have been enacted by state legislatures with some modifications.
warranty
A covenant or promise that a statemnet or fact is true.
Express warranties
An explicit statement or promise that a certain fact in relation to the subject of the contract is true or accurate.
implied warranty of merchantability
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.
unconscionable contracts
A contract in which one party imposed an unreasonably favorable contract on the other, who lacked a meaningful choice as to the contract terms.
sole proprietorship
A business organization in which ownership is vested in a single individual who recieves all profits but who also bears all laibility.
partnership
A business organization in which ownership is shared by two or more people and/ or legal entities.
corporations
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.
liquidated damages
A predetermined sum to be paid in the event of nonperformance.
compensatory damages
Damages designed to place the aggrieved party in the economic position in which he would have been had the contract been performed.
Punitive damages
Damages designed to punish intentional or malicious wrongdoers by heaping additional costs upon them.
specific performance
The court orders the party breaking the contract to comply with its terms.
Statute of Frauds
Requires that certain contracts be in writring in order to be enforceable
Implied Warranty of Fitness
Applies to all sellers of goods, be they merchants or not. The seller is warrnating that the goods are fit for a particular use.
consanguinity
Related by blood such as parents and children, siblings, or cousins.
affinity
Related by marriage, such as a mother-in-law and son-in-law or stepchildren or stepbrothers.
marriage
A legally recognized special relationship between a man and a women that is founded in contract.
informal marriages; common-law marriage
A type of legally recognized marriage created by informal means'
divorce
Dissolution of the marital relationship through judicial action.
no-fualt divorce
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.
pro forma
the judges acceptance of the parties' agreements in regard to custody of minor children, if any, and to the property division
annulment
Dissolution of a marriage that was invalid from its inception through judicial action.
voidable marriage
marriage which does not meet the requirments for a valid marrriage and which can be dissolved on that basis.
fraud
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.
duress
Results from employing coercion or force in persuading someone to marry
no-fualt grounds
allege incompatibility, marriage break-down, or similar circumstances that indicate that the parties are no longer getting along and wish to end the marriage.
prenuptial agreements or antenuptial agreements
Contracts entered into before marriage by the spouses that outline certain conditions such as the division of property in case of divorce.
marital property
all property acquired by either spouse during the marriage relationship, except for gifts or inheritance.
alimony
Court-ordered support payments from one spouse to the other following the dissolution of marriage
best interest of the child
An objective standard used by the courts in determining custody of a child in contested cases.
adoption
The act of voluntarily assuming the rights and obligations of a parent over a child.
emancipation
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.