Chapter 6 - Contracts in the Digital Age

Question 1

a court action to compel the performance part of an agreement, sale of land

Answer 1

specific performance

Question 2

anything given or promised by a party to induce another to enter into a contract

Answer 2

consideration

Question 3

a contract in which something remains to be done by one or both of the parties

Answer 3

executory contract

Question 4

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

Answer 4

option

Question 5

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

Answer 5

purchase agreement

Question 6

all persons under 18 years of age

Answer 6

minors

Question 7

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

Answer 7

Mutual consent

Question 8

one who assigns his or her right in a contract

Answer 8

assignor

Question 9

a person to whom property or interest therein shall have been assigned

Answer 9

assignee

Question 10

one who is mentally incapable of managing or taking care of self or property and therefore cannot enter into a contract without a guardian

Answer 10

incompetent

Question 11

a promise to do or not to do a partial Act

Answer 11

Covenant

Question 12

The substitution or exchange of a new contract for an old one by the mutual agreement of the parties

Answer 12

Novation

Question 13

a transfer by a person of that person’s rights under a contract

Answer 13

assignment

Question 14

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

Answer 14

contract

Question 15

the terms and Provisions of a contract which are clear definite and set forth

Answer 15

definite and certain

Question 16

a binding contract created by the actions of the principles rather than by written or oral agreements

Answer 16

implied contract

Question 17

a contract under which the parties enter into mutual promises such as sales contract

Answer 17

bilateral contract

Question 18

a contract under which only one party expressly makes a promise

Answer 18

unilateral contract

Question 19

having no legal force or binding effect or cannot be enforced for one reason or another

Answer 19

void voidable unenforceable

Question 20

one making an offer

Answer 20

offeror

Question 21

one to whom an offer is made

Answer 21

offeree

Question 22

a proposal for acceptance in order to form a contract. It must be definite as to price and terms

Answer 22

offer

Question 23

voluntarily agreeing to the price in terms of an offer. Offer and acceptance create a contract

Answer 23

acceptance

Question 24

an offer in response to an offer

Answer 24

counter offer

Question 25

failure to perform a contract, in whole or part, without legal excuse

Answer 25

breach

Question 26

annulling a contract and placing the parties to it in a position as if there had not been a contract

Answer 26

rescission

Question 27

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

Answer 27

liquidated damages

Question 28

an inspection report required, in the sale of property, to determine if termites are present within a building

Answer 28

Pest Control report

Question 29

one who, for consideration, receives an option

Answer 29

optionee

Question 30

one who for consideration gives an option

Answer 30

optionor

Question 31

a contract under which the parties expressly enter into mutual promises

Answer 31

expressed contract

Question 32

the dependence upon a certain event before a contract becomes binding

Answer 32

contingencies

Question 33

an action that abandons all of their remedies and simply asks for money

Answer 33

dollar damages

Question 34

influence used to destroy the will of another so that any decision is not his or her free act

Answer 34

undue influence

Question 35

to complete a contract by signing it

Answer 35

execute

Question 36

legally binding, the terms of which can be sued for in a court of law

Answer 36

valid contract

Question 37

deceptive statements or acts used to wrongfully obtain money or property

Answer 37

Fraud, Duress, Menace

Question 38

individuals who have a legal capacity to contract, as opposed to minors, convicts, and incompetants

Answer 38

capacity of parties