Ch 19 Terminology Flashcards
Adhesion Contract
a contract that is drawn by one party to that partys benefit and whose terms must be accepted as is, on a take it or leave it basis, if a contract is to result
Affirm
approve
Avoid
to annul, cancel, or make void. to get out of a vodiable contract repudiate
Bilateral Mistake/Mutual Mistake
the situation that exists when both parties are mistaken about an important aspect of a agreement
Boilerplate
standard language used commonly in documents of the same type
Consideration
an exchange of benefits and detriments by the parties to an agreement
Contractual Capacity
the legal ability to be able to enter into a contract
Duress
the overcoming of a person freedom by the use of threat of physical harm
E-signature
abbreviation for electronic signature, a method of signing an electronic message that identifies the sender an dignifies his/her approval of the messges content
Exculpatory Clause
a clause that is used in a contract to escape legal responsibility
Failure of Consideration
a defense available when the consideration provided fo an agreement is not in fact given to the party being sued
Firm Offer
a merchants written promise to hold open an offer for the sale of goods
Forbearance
refraining from taking action
Fraud
a misrepresentation of a material, existing fact, knowingly made that causes someone reasonably relying on it to suffer damages
Fraud in the Execution
Fraud as to the essential nature of the transaction
Fraud in the Inducement
Fraud that induces another to enter into a contract
In Pari Delicto
In equal fault
Lack of Consideration
a defense available to a party being sued when no consideration is contained in the agreement that is the subject of the suit
Locus
place; locality
Locus Sigilli
place of the seal
Memorandum
the writing that is necessary to satisfy the statute of frauds
Mutual Mistake
the situation that exist when both parties are mistake about an important aspect of an agreement
Nudum Pactum
barren promise with no consideration
Option Contract
a binding promise to hold an offer open
Parol Evidence Rule
the rule that oral evidence of prior or contemporaneous negotiations between the parties is not admissible in court to alter, vart, or contradict the terms of a written agreement
Promisee
one to whom a promise is made
Promisor
one who make a promise
Promissory Estoppel
a doctrine under which no consideration is necessary when someone makes a promise that induces anothers action or forbearance and injustice can be avoided only by enforcing the promsie
Public Policy
underlying unconditional principles that bind carious peoples into a close knot socitey
Quid Pro Quo
something for something; one thing in return for another
Rescind
to cancel
Rescission
cancellation
Seal
a mark impression the word seal or the letters L.S. placed on a written contract next to a partys signature
Statute of Frauds
the law that deems that certain contracts must be in writing to be enfoceable
Unconscionable
so harshly onesided and unfair that the courts conscience is shocked
Undue Infuence
the overcoming of a person free will by misusing a position of trust and taking advantage of the oter person who is relying on the trust relationship
Unilateral Mistake
a mistake made by only one party to a contract
Usury
the charging of a greater amount of interest than is allowed by law
