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25 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Accord & Satisfaction |
A new agreement by contracting parties that is satisfies by full performance thereby terminating a prior contract. |
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Assignment |
A complete transfer of all legal rights and obligations by one party to another. |
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Bilateral contract |
An agreement based on mutual promises of specified consideration. |
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Breach of Contract |
Failure without legal excuse to perform a promise that forms the whole or part of the contract. |
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Consideration |
Anything of value that's recognized by law offered as an inducement to contract such as money, action, forbearance, a promise to act, or a promise to forbear. |
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Contractual Capacity |
Having the ability to understand the terms of the contract and the consequences of nonperformance. |
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Counteroffer |
A promise or request by an offeree that terminates the original offer from an offeror by rejecting it and substituting a new offer in its place. |
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Damages |
The amount of fanatical loss as a result of the actions of another. |
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Duress |
The inability of a party to exercise his or her free will because of fear of another party. |
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Executed Contract |
An agreement that has been fully performed. |
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Executor Contract |
An agreement that has not been fully performed. |
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Express Contract |
An agreement created verbally or in writing between parties. |
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Full Performance |
The usual manner of terminating contracts. |
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Illusory Offer |
One that does not obligate the offeror. |
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Implied Contract |
One created by deduction from the conduct of the parties rather than from the direct words of the parties. |
Opposite of an express contract |
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Mutual Assent |
The voluntary agreement of all parties to a contract as evidence by an offer and acceptance. |
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Novation |
The substitution of a new contract for a prior contract. |
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Offeror |
One making an offer. |
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Offeree |
One to whom an offer is made. |
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Parol Evidence Rule |
Rule of evidence in law that states the written words contain all of the agreement and that the oral statements not agreeing with the written words are to be disregarded. |
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Statute of Frauds |
A law in affect in all states requiring cretin contracts to be in writing to be valid. |
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Unilateral Contract |
An agreement wherein one party makes a promise of compensation to the other party, and the second party returns an action in response to the promise, although he/she is not legal obligated to do so. |
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Valid Contract |
An agreement that is legally binding and enforcable. |
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Void Contract |
Can be legally or automatically void A legally void contract is defective (voidable) and has been declared void. An automatically void contract is a agreement that is absolutely Unenforceable and has no legal force or affect. |
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Voidable Contract |
One which appears valid but may be avoided by one of the parties without legal consequence because it contains a legal defect. If the party who may avoid the contract based on the defect, does not identify the defect and takes action to avoid the contract, that contract is valid and enforcable. |
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