B Law Glossary Exam 1 Flashcards
Acceptance
an agreement to an offer resulting in a contract.
Accord and satisfaction
an agreement made and executed in satisfaction of the rights one has from a previous contract.
Apparent authority
the authority an agent is believed by third parties to have because of behavior by the principal.
Appeal
request to a higher court to review a lower court’s decision.
Appellate courts
courts hearing cases appealed from a lower court.
Bailee
the party who acquires possession, but not the title, of personal property by one party to another, under agreement.
Bailment
the transfer of possession, but not the title of personal property by one party to another, under agreement.
Bailor
the party who gives up possession, but not the title, of personal property in a bailment.
Beneficiary
recipient of the proceeds of a life insurance policy.
Bilateral contract
a contract which consists of mutual promises to perform some future acts.
Breach of contract
a situation in which one of the parties to a contract fails or otherwise refuses to perform the obligations established in that contract.
Civil law
the body of law concerned with private or purely personal rights.
Common law
the body of law deriving from judicial decisions, rather than from statutes or constitutions.
Compensatory damages
an award paid to the injured party to cover the exact amount of their loss, but no more.
Complaint (petition)
the written request which initiates a civil lawsuit.
Consideration
the bargained-for exchange of a contract.
Contract
a legally enforceable agreement.
Contract to sell
contract to sell goods at a future time.
Contractual capacity
the legal ability to enter into a contract.
Counteroffer
a change to an original offer that, in effect, rejects that offer and becomes a new offer.
Creditor beneficiary
third party beneficiary owed a debt by a party to a contract.
Criminal law
laws dealing with crimes and the punishment of wrongdoers.
Disaffirmance
election to avoid a voidable contract.
Discharge
any method by which a legal duty is extinguished.
Donee beneficiary
a third party beneficiary to whom no legal duty is owed and performance is a gift.
Duress
removing one’s free will, obtaining consent by means of a threat.
Executed contract
those contracts in which the terms have been fulfilled.
Execution
the carrying out or completion of some task.
Executory contract
a contract in which the terms have not been completely executed or fulfilled by the parties.
Express authority
the authority of an agent, stated in the document or agreement creating the agency.
Express contract
a contract in which the parties express their intentions, either verbally or in writing, at the time of the agreement.
Formal contract
those contracts which must be in special form or produced in a certain way, such as under seal.
Fraud
the intentional or reckless false statement of a material fact, upon which the injured party relied, which induced the injured party to enter into a contract, to his or her detriment.
Future goods
those goods selected which are not in existence at the time in which the contract was created.
Identified goods
the goods specified by the buyer and seller.
Implied authority
an agent’s authority to do things not specifically authorized in order to carry out express authority.
Implied contract
one in which the terms of the contract are implied by acts or conduct of the parties.
Law
those rules of conduct commanding what is right and prohibiting what is wrong.
Life estate
interest in real property for the duration of a person’s life.
Malpractice
a breach of contract by a professional person; failure to perform a professional service with the ability and care generally exercised by others in the profession.
Minor
those persons under legal age; by most states (but not all), the standard is under the age of eighteen.
Misrepresentation
false statement of a material fact.
Necessaries
items required for living at a reasonable standard (i.e. food, clothing and shelter).
Negligence
failure to exercise ordinary care; omission to do something which a reasonable prudent person would do under ordinary circumstances or the doing of something which a reasonable and prudent would not do; the lack of due care.
Nominal damages
small amount awarded when there is a technical breach but no injury.
Novation
the substitution of a new party for one of the original parties to a contract, such that the prior contract terminates and a new one substitutes for it.
Offer
a proposal to make a contract.
Offeree
the person to whom an offer is made.
Offeror
the party who initiates, or makes an offer.
Personal property
all property which is not real property.
Punitive damages
an award paid to the plaintiff in order to punish the defendant, not to compensate the plaintiff.
Quasi contract
a contract created or implied by law to prevent unjust enrichment.
Ratification
approving an act which was executed without authority; electing to be bound by a voidable contract.
Real property
land and those objects permanently attached to land.
Rescission
to set aside or cancel a contract.
Rejection
refusal to accept.
Revocation
cancellation of an instrument by the maker; rescinding an offer.
Simple contract
any contract other than a formal contract, whether written, oral or implied.
Specific performance
a contract remedy by which the court requires the breaching party to perform the contract.
Stare decisis
the principle that the decision of a higher court should serve as a guide or precedent and control the decision of a similar case in the future.
Statute of frauds
a statute originally enacted by English Parliament, and now enacted in some form in all the American states, listing certain types of contracts which could only be enforced if in written form.
Statute of limitations
a law that restricts the period of time within which an action may be brought to court.
Statutes
laws which are enacted by legislative bodies.
Third party beneficiary
person not party to a contract, but whom parties intended to benefit.
Tort
a private or civil wrong, other than by breach of contract, for which there may be action for damages.
Undue influence
improper influence that is asserted by one dominant person over another, without the threat of harm.
Unenforceable contract
an agreement which at the current time is not enforceable by law.
Unilateral contract
a contract formed when an act is done in consideration for a promise.
Valid contract
a contract which will be enforced by the court.
Void contract
an agreement of no legal effect.
Voidable contract
a contract which would be an enforceable agreement, but due to circumstances may be set aside by one of the parties.
an agreement to an offer resulting in a contract.
Acceptance
an agreement made and executed in satisfaction of the rights one has from a previous contract.
Accord and satisfaction
the authority an agent is believed by third parties to have because of behavior by the principal.
Apparent authority
request to a higher court to review a lower court’s decision.
Appeal
courts hearing cases appealed from a lower court.
Appellate courts
the party who acquires possession, but not the title, of personal property by one party to another, under agreement.
Bailee
the transfer of possession, but not the title of personal property by one party to another, under agreement.
Bailment
the party who gives up possession, but not the title, of personal property in a bailment.
Bailor
recipient of the proceeds of a life insurance policy.
Beneficiary
a contract which consists of mutual promises to perform some future acts.
Bilateral contract
a situation in which one of the parties to a contract fails or otherwise refuses to perform the obligations established in that contract.
Breach of contract
the body of law concerned with private or purely personal rights.
Civil law
the body of law deriving from judicial decisions, rather than from statutes or constitutions.
Common law
an award paid to the injured party to cover the exact amount of their loss, but no more.
Compensatory damages
the written request which initiates a civil lawsuit.
Complaint (petition)
the bargained-for exchange of a contract.
Consideration
a legally enforceable agreement.
Contract
contract to sell goods at a future time.
Contract to sell
the legal ability to enter into a contract.
Contractual capacity
a change to an original offer that, in effect, rejects that offer and becomes a new offer.
Counteroffer
third party beneficiary owed a debt by a party to a contract.
Creditor beneficiary
laws dealing with crimes and the punishment of wrongdoers.
Criminal law
election to avoid a voidable contract.
Disaffirmance
any method by which a legal duty is extinguished.
Discharge
a third party beneficiary to whom no legal duty is owed and performance is a gift.
Donee beneficiary
removing one’s free will, obtaining consent by means of a threat.
Duress
those contracts in which the terms have been fulfilled.
Executed contract
the carrying out or completion of some task.
Execution
a contract in which the terms have not been completely executed or fulfilled by the parties.
Executory contract
the authority of an agent, stated in the document or agreement creating the agency.
Express authority
a contract in which the parties express their intentions, either verbally or in writing, at the time of the agreement.
Express contract
those contracts which must be in special form or produced in a certain way, such as under seal.
Formal contract
the intentional or reckless false statement of a material fact, upon which the injured party relied, which induced the injured party to enter into a contract, to his or her detriment.
Fraud
those goods selected which are not in existence at the time in which the contract was created.
Future goods
the goods specified by the buyer and seller.
Identified goods
an agent’s authority to do things not specifically authorized in order to carry out express authority.
Implied authority
one in which the terms of the contract are implied by acts or conduct of the parties.
Implied contract
those rules of conduct commanding what is right and prohibiting what is wrong.
Law
interest in real property for the duration of a person’s life.
Life estate
a breach of contract by a professional person; failure to perform a professional service with the ability and care generally exercised by others in the profession.
Malpractice
those persons under legal age; by most states (but not all), the standard is under the age of eighteen.
Minor
false statement of a material fact.
Misrepresentation
items required for living at a reasonable standard (i.e. food, clothing and shelter).
Necessaries
failure to exercise ordinary care; omission to do something which a reasonable prudent person would do under ordinary circumstances or the doing of something which a reasonable and prudent would not do; the lack of due care.
Negligence
small amount awarded when there is a technical breach but no injury.
Nominal damages
the substitution of a new party for one of the original parties to a contract, such that the prior contract terminates and a new one substitutes for it.
Novation
a proposal to make a contract.
Offer
the person to whom an offer is made.
Offeree
the party who initiates, or makes an offer.
Offeror
all property which is not real property.
Personal property
an award paid to the plaintiff in order to punish the defendant, not to compensate the plaintiff.
Punitive damages
a contract created or implied by law to prevent unjust enrichment.
Quasi contract
approving an act which was executed without authority; electing to be bound by a voidable contract.
Ratification
land and those objects permanently attached to land.
Real property
to set aside or cancel a contract.
Rescission
refusal to accept.
Rejection
cancellation of an instrument by the maker; rescinding an offer.
Revocation
any contract other than a formal contract, whether written, oral or implied.
Simple contract
a contract remedy by which the court requires the breaching party to perform the contract.
Specific performance
the principle that the decision of a higher court should serve as a guide or precedent and control the decision of a similar case in the future.
Stare decisis
a statute originally enacted by English Parliament, and now enacted in some form in all the American states, listing certain types of contracts which could only be enforced if in written form.
Statute of frauds
a law that restricts the period of time within which an action may be brought to court.
Statute of limitations
laws which are enacted by legislative bodies.
Statutes
person not party to a contract, but whom parties intended to benefit.
Third party beneficiary
a private or civil wrong, other than by breach of contract, for which there may be action for damages.
Tort
improper influence that is asserted by one dominant person over another, without the threat of harm.
Undue influence
an agreement which at the current time is not enforceable by law.
Unenforceable contract
a contract formed when an act is done in consideration for a promise.
Unilateral contract
a contract which will be enforced by the court.
Valid contract
an agreement of no legal effect.
Void contract
a contract which would be an enforceable agreement, but due to circumstances may be set aside by one of the parties.
Voidable contract
