Contracts Flashcards
What is the difference between a liquidated and an unliquidated debt?
A liquidated date is a debt that the amount owed is CERTAIN. In an unliquidated debt is one where the amount is UNCERTAIN.
Define implied contract
One in which specific terms must be inferred
Define Executory contract,
One which neither side has performed their requred agreed-to parts.
Define unilateral contract
A contract where only one of the parties has made a promise
Define quasi-contract
A public obligation, not an actual contract.
The purpose of contract law towards the damaged party is to compensate him to what degree?
To restore him to wholeness, not to make him better off than he was prior. Only acceptance is when punitive damages are awarded, an that is the option of the court, not the plaintiff.
What is specific performance?
An alternative to awarding damages in cases where money damages will not adequately compensate the afflicted party due to the unique nature of the subject matter of the contract, like confidential information or real property.
What is an agency couples with an interest?
When the agent either has a property interest or security interest in the subject matter of the agency. This mkes the agency irrecovacable by the principal.
