Chapter 6 - Contracts in the Digital Age Flashcards
a court action to compel the performance part of an agreement, sale of land
specific performance
anything given or promised by a party to induce another to enter into a contract
consideration
a contract in which something remains to be done by one or both of the parties
executory contract
a right given, for consideration, to purchase a property upon specified terms within a specified time period, without obligating the party to purchase the property
option
a written offer to purchase real property upon stated terms and conditions, accompanied by a deposit toward the purchase price, which becomes the contract for the sale of the property upon acceptance
purchase agreement
all persons under 18 years of age
minors
the act of agreeing or consenting to the terms of an offer, thereby establishing the meeting of the minds, that is an essential element of a contract. Genuine assent from both parties
Mutual consent
one who assigns his or her right in a contract
assignor
a person to whom property or interest therein shall have been assigned
assignee
one who is mentally incapable of managing or taking care of self or property and therefore cannot enter into a contract without a guardian
incompetent
a promise to do or not to do a partial Act
Covenant
The substitution or exchange of a new contract for an old one by the mutual agreement of the parties
Novation
a transfer by a person of that person’s rights under a contract
assignment
an agreement to do or not to do a certain thing it must have four Essential Elements parties capable of contracting, consent of the parties, a lawful object, and consideration
contract
the terms and Provisions of a contract which are clear definite and set forth
definite and certain
a binding contract created by the actions of the principles rather than by written or oral agreements
implied contract
a contract under which the parties enter into mutual promises such as sales contract
bilateral contract
a contract under which only one party expressly makes a promise
unilateral contract
having no legal force or binding effect or cannot be enforced for one reason or another
void voidable unenforceable
one making an offer
offeror
one to whom an offer is made
offeree
a proposal for acceptance in order to form a contract. It must be definite as to price and terms
offer
voluntarily agreeing to the price in terms of an offer. Offer and acceptance create a contract
acceptance
an offer in response to an offer
counter offer
failure to perform a contract, in whole or part, without legal excuse
breach
annulling a contract and placing the parties to it in a position as if there had not been a contract
rescission
a definite amount of damage, set forth in a contract, to be paid by the party breaching the contract. A predetermined estimate of actual damages from a breach
liquidated damages
an inspection report required, in the sale of property, to determine if termites are present within a building
Pest Control report
one who, for consideration, receives an option
optionee
one who for consideration gives an option
optionor
a contract under which the parties expressly enter into mutual promises
expressed contract
the dependence upon a certain event before a contract becomes binding
contingencies
an action that abandons all of their remedies and simply asks for money
dollar damages
influence used to destroy the will of another so that any decision is not his or her free act
undue influence
to complete a contract by signing it
execute
legally binding, the terms of which can be sued for in a court of law
valid contract
deceptive statements or acts used to wrongfully obtain money or property
Fraud, Duress, Menace
individuals who have a legal capacity to contract, as opposed to minors, convicts, and incompetants
capacity of parties
