BUL 18 and 19

Question 1

statute of frauds ***

Answer 1

1)attempts to ease contractual negotiations by requiring sufficiently reliable evidence to prove the existence and specific terms of a contract 2) prevent unreliable oral evidence from interfering with a contracual relationship 3) prevent parties from entering into contracts with which they do not agree

Question 2

prenuptial agreement

Answer 2

an agreement two parties enter into before marriage that clearly states the ownership rights each party enjoys in the others party’s property

Question 3

equal dignity rule

Answer 3

contracts that would normally fall under the statue and need a writing if negotiated by the principal must be in writing even if negotiated by an agent

Question 4

admission

Answer 4

a statement made in court, underoath, or at some stage during a legal proceeding in which a party against whom charges have been brought admits that an oral contract existed, even though the contract was required to be in writing

Question 5

partial performance

Answer 5

if the buyer in an alleged contract for the sale of land has paid any portion of the sale price, has begun to permanently improve the land, or has taken possession of it, the courts will consider the contract partially performed and this partial performance will amount to proof of the contract

Question 6

promissory estoppel

Answer 6

the legal enforcement of an otherwise unenforcable contract due to a party’s detrimental reliance on the contract

Question 7

parol evidence rule ***

Answer 7

common law rule makes oral evidence of an agreement inadmissible if it is made before or at the same time as a writing that the parties intend to be the complete and final version of their agreement

Question 8

merger clause

Answer 8

attempt to signal to judges that the written contract is intended to be the final and complete statement of their agreement

Question 9

condition precedent

Answer 9

when an entire contract is conditioned on something else’s occurring first, that first event is known this word

Question 10

integrated contracts ***

Answer 10

written contracts intended to be the complete and final representation of the parties’ agreement

Question 11

obligors ***

Answer 11

contractual parties who agreed to do something for the other party

Question 12

obligees ***

Answer 12

cintractual parties who agreed to receive something from the other party

Question 13

assignor ***

Answer 13

the party who transfers their rights

Question 14

assignee ***

Answer 14

third party

Question 15

assignment ***

Answer 15

occurs when a party to a contract transfers her rights to receive something under the contract to a thrid party

Question 16

first-assignment-in-time rule

Answer 16

gives the contractual right to the first party granted the assignment

Question 17

english rule

Answer 17

states that the first assignee to give notice of assignment to the obligor is the party with rights to the contract

Question 18

delegator ***

Answer 18

the party that transfers their duty

Question 19

delegation ***

Answer 19

occurs when a party to a contract transfers her duty to perform to a third party who is not part of the original contract

Question 20

delegatee ***

Answer 20

the third party

Question 21

third-party beneficiary

Answer 21

created when two parties enter into a contract with the purpose of benefiting a third party

Question 22

intended beneficiary ***

Answer 22

a third party to a contract whom the contracting parties intended to benefit directly from their contract

Question 23

promisor ***

Answer 23

the party who makes the promise that benefits the third parties in a third party beneficiary

Question 24

promisee ***

Answer 24

the party who owes the promisor something in exchange for the promise made to the third party beneficiary

Question 25

creditor beneficiary ***

Answer 25

a third party that benefits from a contract in which the promisor agrees to pay the promisee’s debt

Question 26

donee beneficiaries ***

Answer 26

third parties who benefit from a contract in which a promisor agrees to give a gift to the third party

Question 27

vest ***

Answer 27

mature such that she can legally act on them

Question 28

incidental beneficiary ***

Answer 28

when the contracting parties do not intend to benefit some but unintentionally do so