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26 Cards in this Set
- Front
- Back
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Contract |
A promise or agreement between cometent parties to perform or not perform certain legal acts |
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Express Contract |
A contract wherein the terms are expressly stated either orally or in writting |
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Implied Contract |
A contract wherein the terms are not expressed in words but implied from the conduct of the parties |
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Bilateral Contract |
A contract wherein a promise is exchanged for a promise |
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Unilateral Contract |
A contract wherein a promise is exchanged for an act |
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Executory Contract |
A contract is one wherein something remains to be done by one or more of the parties |
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Executed Contract |
A contract wherein all parties have met their contractual obligations |
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Void Contract |
A contract that is not legal because it lacked one or more of the essential elements of a contract |
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Voidable Contract |
A contract that appears to be valid on its face but is in fact one where one or more parties have the power to escape the legal rquirements created by the contract |
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Puffing |
Stating an opinion that may exaggerate reality |
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Unenforceable |
A contract wherein the law recognizes the duty of the parties to perform, but does not provide a remedy for breach of contract |
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Mutual Assent |
The parties' agreement or willingness to contract as reflected by their words or acts |
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Offer |
A proposal made by one person to another reflecting a willingness either to do, or refrain from doing, something. |
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Counter-Offer |
A rejection of the original offer by an attempted acceptance that departs from the terms of the offer |
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Acceptance |
The willingness, by word or act, to be bound by the terms of an offer is evidence of acceptance and results in mutual assent |
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Consideration |
The incentive that each party to the contract uses to motivate the other to enter into a contract |
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Competency |
refers to legal competency, as distinguished from either physical or mental competency |
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Statute of Frauds |
Requiring that a contract be written and signed, provides reliable evidence of its existence and terms |
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Accord and Satisfaction |
The result that is ovtained form the execution of a new agrement which the parties enter into to satisfy a prior agreement |
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Novation |
The subsitution of a new contract for the existing one. |
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Statute of Limitatins |
A set of time limit within which a suit to enforce an agreement must be initiated |
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Assignement |
When one party to a contract transfers his/her rights and obligations in the contract to another |
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Breach of Contract |
An unexcursed non-performance of a contract |
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Punitive Damages |
Damages that are awarded to one party in order to punish or make and example of the other for his/her conduct |
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Liquidated Damages |
A contractual amount payable for breach of contract |
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Reformation |
A contract which represents the final agreement of the parties contains a technical error, or if there is ambiguity in a contrat which allows the contract to be interprete in more than one way, the courts may reform the writing to ensure that it conforms to the intended agreement |
