Udc Contracts I Vocabulary Alexander

Front 1

Agreement

Back 1

The manifestation of mutual assent on the part of two or more persons

Front 2

Ambigous

Back 2

adjective describing uncertainty of meaning or intention as in contract terms or statutory provisions

Front 3

assumpsit

Back 3

latin for "He Undertook". it refers to an express or implied promise, not under seal, by which one person undertakes to do some act or pay something to another. it is a common law action for breach of such a promise or breach of contract.

Front 4

bargain

Back 4

an agreement to exchange prmises to or exchange a promise for a perfromance or to exchange performances.

Front 5

bargained for exchange

Back 5

a transaction that transfer interests of the parties each in consideration for the other

Front 6

Bargain principle

Back 6

theory that a promise or performance that is negotiating for in exchange for a promise is the consideration for the promise. it includes the central belief that an agreement to exchange one thing for another gives rise to mutual obligation and that a "deal is a deal".

Front 7

Stare Decisis

Back 7

the doctrine of precedent under which it is necessary for a court to follow earlier judicial decisions when the same points arise again in litigation.

Front 8

commonplace

Back 8

something that is ordinary or trite.

Front 9

common sense

Back 9

the excercise of ordinary good reason and judgement. it refers to a familiarity with the rules and practies of a particular institution, school, family, hob or business.

Front 10

contract

Back 10

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

Front 11

doctrine

Back 11

principle of law established through past decisions

Front 12

economics

Back 12

a social science concerned with the description and analysis of the production, distribution and consuption of goods and services.

Front 13

silage

Back 13

fermented high moisture fodder that can be fed to cud chewing animals like cattle or sheep. It is high in energy and is easily digested.

Front 14

express terms

Back 14

are the intended agreements articulated by the parties to a contract, either orally or in writing.

Front 15

farmout

Back 15

the outsourcing of work. it is an agreement bu which one who owns an oil or gas lease or other property capable of being made productive agrees to assign to another an interest in the property in return for doing the work necessary to make the property productive.

Front 16

foreseeability

Back 16

the quality of being reasonably anticipatable.

Front 17

gratuity

Back 17

a gift given voluntarily abd beyond obligation, usually in retorn for or in anticipation of some service.

Front 18

reliance principle

Back 18

provides that a person who has been injured by reasonably trusting or depending upon the promise of another ought to be compensated for that injury.

Front 19

inter alia

Back 19

latin for among other things

Front 20

Law

Back 20

the regime aggregating legislation, judicial precedents, and accepted articulations of authoritative grounds of judicial and administrative action to order human activities and relations through systematic application of the force of politically organized society, or through social pressure, backed by force in sucha society.