BUL 18 and 19 Flashcards
statute of frauds ***
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
prenuptial agreement
an agreement two parties enter into before marriage that clearly states the ownership rights each party enjoys in the others party’s property
equal dignity rule
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
admission
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
partial performance
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
promissory estoppel
the legal enforcement of an otherwise unenforcable contract due to a party’s detrimental reliance on the contract
parol evidence rule ***
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
merger clause
attempt to signal to judges that the written contract is intended to be the final and complete statement of their agreement
condition precedent
when an entire contract is conditioned on something else’s occurring first, that first event is known this word
integrated contracts ***
written contracts intended to be the complete and final representation of the parties’ agreement
obligors ***
contractual parties who agreed to do something for the other party
obligees ***
cintractual parties who agreed to receive something from the other party
assignor ***
the party who transfers their rights
assignee ***
third party
assignment ***
occurs when a party to a contract transfers her rights to receive something under the contract to a thrid party
first-assignment-in-time rule
gives the contractual right to the first party granted the assignment
english rule
states that the first assignee to give notice of assignment to the obligor is the party with rights to the contract
delegator ***
the party that transfers their duty
delegation ***
occurs when a party to a contract transfers her duty to perform to a third party who is not part of the original contract
delegatee ***
the third party
third-party beneficiary
created when two parties enter into a contract with the purpose of benefiting a third party
intended beneficiary ***
a third party to a contract whom the contracting parties intended to benefit directly from their contract
promisor ***
the party who makes the promise that benefits the third parties in a third party beneficiary
promisee ***
the party who owes the promisor something in exchange for the promise made to the third party beneficiary
creditor beneficiary ***
a third party that benefits from a contract in which the promisor agrees to pay the promisee’s debt
donee beneficiaries ***
third parties who benefit from a contract in which a promisor agrees to give a gift to the third party
vest ***
mature such that she can legally act on them
incidental beneficiary ***
when the contracting parties do not intend to benefit some but unintentionally do so
