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Law 2 > Exam 2 Vocabulary > Flashcards

Exam 2 Vocabulary Flashcards

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1
Q

The value given in return for a promise or performance in a contracted agreement

A

Consideration

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2
Q

Refraining from an action that one has a legal right to undertake

A

Forberance

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3
Q

The unmaking of a contract so as to return the parties to the positions they occupied before the contract was made

A

Recission

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4
Q

Promises made in return for actions or events that have already taken place are unenforceable

A

Past Consideration

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5
Q

An act that takes place before the contract is made and that ordinarily, by itself, cannot be consideration for a later promise to pay for the act

A

Past Consideration

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6
Q

A common means of settling a disputed claim, whereby a debtor offers to pay a lesser amount than the creditor is owed

A

Accord and Satisfaction

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7
Q

A debt whose amount has been ascertained, fixed, agreed on, settled, or exactly determined

A

Liquidated Debt

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8
Q

A contract in which one party forfeits the right to pursue a legal claim against the other party

A

Release

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9
Q

An agreement to substitute a contractual obligation for some other type of legal action based on a valid claim

A

Covenant Not to Sue

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10
Q

A doctrine that can be used to enforce a promise when the promise has justifiably relied on it and when justice will be better served by enforcing the promise

A

Promissory Estoppel

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11
Q

Also called detrimental reliance

A

Promissory Estoppel

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12
Q

Barred, impeded, precluded, or prevented

A

Estopped

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13
Q

The legal ability to enter into a contractual relationship

A

Contractual Capacity

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14
Q

The capacity required by law for a party who enters into a contract to be bound by that contract

A

Contractual Capacity

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15
Q

In regard to minors. the act of being freed from parental control

A

Emancipation

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16
Q

The legal avoidance or setting aside of a contractual obligation

A

Disaffirmance

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17
Q

Necessities required for life, such as food, shelter, clothing, and medical attention

A

Necessaries

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18
Q

The acceptance or confirmation of an act or agreement that gives legal force to an obligation that previously was not enforceable

A

Ratification

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19
Q

When the individual, reaching the age of majority, states orally or in writing, that she or he intends to be bound by the contract

A

Expressed Ratification

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20
Q

When the individual, reaching the age of majority, behaves in a manner inconsistent with disaffirmance

A

Implied Ratification

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21
Q

A condition in which a person’s normal capacity to act or think is inhibited by alcohol or some other drug

A

Intoxication

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22
Q

Charging an illegal rate of interest

A

Usury

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23
Q

The creation of risk for the purpose of assuming it

A

Gambling

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24
Q

A contractual promise of one party to refrain from conducting business similar to that of another party for a certain period of time and within a specified geographical area

A

Covenant Not to Compete

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25
Q

A contract between an employer and an employee in which the terms and conditions of employment are stated

A

Employment Contract

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26
Q

A court ordered correction of a written contract so that it reflects the true intentions of the parties

A

Reformation

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27
Q

A contract or clause that is void on the basis of public policy because one party was forced to accept terms that are unfairly burdensome and that unfairly benefit the stronger party

A

Unconscionable Contracts or Clauses

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28
Q

A standard-form contract in which the stronger party dictates the terms

A

Adhesion Contract

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29
Q

A clause that releases a contractual party from liability in the event of monetary or physical injury, no matter who is at fault

A

Exculpatory Clauses

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30
Q

State laws that regulate the offering and sale of securities for the protections of the public

A

Blue Sky Laws

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31
Q

Knowledge by a misrepresenting party that material facts have been falsely represented or omitted with an intent to deceive

A

Scienter

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32
Q

A statute that requires certain types of contracts to be in writing to be enforceable

A

Statute of Frauds

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33
Q

A secondary promise to a primary transaction, such as a promise made by one person to pay the debts of another if the latter fails to perform

A

Collateral Promises

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34
Q

An agreement made before marriage that defines each partner’s ownership rights in the other partner’s property

A

Prenuptial Agreements

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35
Q

A rule of contracts under which a court will not receive into evidence prior or contemporaneous oral statements and agreements that contradict the terms of the parties’ written contract

A

The Parol Evidence Rule

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36
Q

Testimony or other evidence of communications between the parties that is not contained in the contract itself

A

Parol Evidence

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37
Q

Determination of whether evidence will be allowed basically depends on whether the written contract is intended to be a complete and final statement of the terms of the agreement

A

Integrated Contract

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38
Q

A written contract that constitutes the final expression of the parties’ agreement

A

Integrated contract

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39
Q

Evidence extraneous to the contract that contradicts or alters the meaning of the contract in any way is inadmissable

A

Integrated Contract

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40
Q

The relationship that exists between the promisor and the promisee of a contract

A

Privity of Contract

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41
Q

The transfer of contract rights to a third person

A

Assignments

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42
Q

A party who transfers his or her rights under a contract to another party

A

Assignor

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43
Q

A party to whom the rights under a contract are transferred or assigned

A

Assignee

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44
Q

One to whom an obligation is owed

A

Obligee

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45
Q

One who owes an obligation to another

A

Obligor

46
Q

The voluntary transfer of land ownership

A

Alienation

47
Q

The transfer to another of all or part of one’s duties arising under a contract

A

Delegation of Duties

48
Q

A party who transfers her or his obligations under a contract to another party

A

Delegator

49
Q

A party to whom contractual obligations are transferred, or delegated

A

Delegatee

50
Q

One for whose benefit a third person a contract is made in a contract but who is not a party to the contract

A

Third Party Beneficiary

51
Q

A third party for whose benefit a contract is formed

A

Intended Beneficiary

52
Q

A third party who benefits from a contract even though the contract was not formed for that purpose

A

Incidental Beneficiaries

53
Q

The termination of an obligation such as occurs when the parties to a contract have fully performed their contractual obligations

A

Discharge

54
Q

The fulfillment of one’s duties under a contract

A

Performance

55
Q

The normal way of discharging one’s contractual obligations

A

Performance

56
Q

A qualification, provision, or clause in a contractual agreement, the occurrence or nonoccurrence of which creates, suspends, or terminates the obligations of the contracting parties

A

Condition

57
Q

A condition in a contract that must be met before a party’s promise becomes absolute

A

Conditions Precedent

58
Q

A condition in a contract that, if it occurs, operates to terminate a party’s absolute promise to perform

A

Conditions Subsequent

59
Q

Conditions that must occur or be performed at the same time

A

Concurrent Conditions

60
Q

They are mutually dependent

A

Concurrent Conditions

61
Q

No obligations arise until these conditions are simultaneously performed

A

Concurrent Conditions

62
Q

An unconditional offer to perform an obligation by a person who is ready, willing, and able to do so

A

Tender

63
Q

The nonperformance of a contractual duty

A

Breach of Contract

64
Q

The failure, without legal excuse, of a promisor to perform the obligations of a contract

A

Breach of Contract

65
Q

An assertion or action by a party indicating that he or she will not perform a contractual obligation

A

Anticipatory Repudiation

66
Q

The substitution, by agreement, of a new contract for an old one, with the rights under the old one being terminated

A

Novation

67
Q

A doctrine under which a party to a contract is relieved of his or her duty to perform when performance becomes objectively impossible or totally impracticable

A

Impossibility of Performance

68
Q

A doctrine that may excuse the duty to perform a contract when performance becomes much more difficult or costly due to forces that neither party could control or contemplate at the time the contract was formed

A

Commercial Impracticability

69
Q

A court-created doctrine under which a party to a contract will be relieved of her or his duty to perform when the objective purpose for performance no longer exists due to reasons beyond that party’s control

A

Frustration of Purpose

70
Q

Damages that compensate for expenses directly because of a breach of contract

A

Incidental Damages

71
Q

Foreseeable damages that result from a party’s breach of contract but are caused by special circumstances beyond the contract itself

A

Consequential Damages

72
Q

Recognizes wrongdoing when no monetary loss shown

A

Nominal Damages

73
Q

A small monetary award granted to a plaintiff when no actual damage was suffered

A

Nominal Damages

74
Q

The requirement that a plaintiff do whatever is reasonable to minimize the damages caused by the defendant

A

Mitigation of Damages

75
Q

An amount stipulated in a contract, that the parties to the contract believe to be a reasonable estimation of the damages that will occur in the event of a breach

A

Liquidated Damages

76
Q

A contract clause that specifies a certain amount to be paid in the event of a default or breach of contract but is unenforceable because it is designed to punish the breaching party rather than to provide a reasonable estimate of damages

A

Penalty

77
Q

An equitable remedy under which a person is restored to his or her original position prior to loss or injury, or placed in the position he or she would have been had the breach not occurred

A

Restitution

78
Q

An equitable remedy in which a court orders the parties to perform as promised in the contract

A

Specific Performance

79
Q

Normally granted only when the legal remedy (monetary damages) is inadequate

A

Specific Performance

80
Q

A contract for the sale of goods

A

Sales Contract

81
Q

The passing of a title to property from the seller to the buyer for a price

A

Sale

82
Q

Property that has physical existence and can be distinguished by the senses of touch and sight

A

Tangible Property

83
Q

Property that cannot be seen or touched, but exists only conceptually, such as corporate stocks

A

Intangible Property

84
Q

A test courts use to determine whether a contract is primarily for the sale of goods or for the sale of services

A

Predominant Factor Test

85
Q

A person who deals in goods of the kind involved in the sales contract

A

Merchant

86
Q

A person whom by occupation, holds himself or herself out as having special knowledge and skill related to the practices or goods involved in the transaction

A

Merchant

87
Q

A person who employs a merchant as a broker, agent, or other intermediary

A

Merchant

88
Q

A transfer of the right to possess and use goods (not property) for a period of time in exchange for payment

A

Lease

89
Q

An agreement in which one person agrees to transfer the right to the possession and use of property to another person in exchange for rental payments

A

Lease Agreement

90
Q

A person who transfers the right to the possession and use of goods to another in exchange for rental payments

A

Lessor

91
Q

A person who acquires the right to the possession and use of another’s goods in exchange for rental payments

A

Lesee

92
Q

The buyer agrees to purchase and the seller agrees to sell all or up to a stated amount of what the buyer needs or requires

A

Requirements COntracts

93
Q

Seller agrees to sell and the buyer agrees to buy all or up to a stated amount of what the seller produces

A

Output Contract

94
Q

An offer by a merchant that is irrevocable without the necessity of consideration for stated period of time or, if no definite period is stated, for a reasonable time, neither period to exceed three months

A

Firm Offer

95
Q

Within a specified time period or, if no period is specified, within a reasonable time

A

Seasonably

96
Q

A sequence of previous actions and communications between the parties to a particular transaction that established a common basis for their understanding

A

Course of Dealing

97
Q

Any practice or method of dealing that is so regularly observed in a place, vocation, or trade that the parties justifiably expect or should expect to be observed in their transaction

A

Usage of Trade

98
Q

The conduct that occurs under the terms of a particular agreement

A

Course of Performance

99
Q

In a sale of goods, the express designation of the goods provided for in the contract

A

Identification

100
Q

Goods that are alike by physical nature, agreement, or trade usage

A

Fungible Goods

101
Q

A contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier

A

Shipment Contract

102
Q

The seller assumes liability for any losses or damage to the goods until they are delivered to the carrier

A

Shipment Contract

103
Q

A contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier and tender delivery of the goods at a particular destination

A

Destination Contract

104
Q

The seller assumes liability for any losses or damage to the goods until they are tendered at the destination specified in the contract

A

Destination Contract

105
Q

A paper exchanged in the regular course of business that evidences the right to possession of goods

A

Document of Title

106
Q

A condition in which a person cannot pay his or her debts as they become due or ceases to pay debts in the ordinary course of business

A

Insolvent

107
Q

A purchaser who buys without notice of any circumstance that would cause a person of ordinary prudence to inquire as to whether the seller has valid title to the goods being sold

A

Good Faith Purchaser

108
Q

The rule that entrusting goods to a merchant who deals in goods of that kind gives that merchant the power to transfer those goods and all rights to them to a buyer in the ordinary course of business

A

Entrustment Rule

109
Q

A party who, by a bull of lading, warehouse receipt, or other document of title, acknowledges possession of goods and/or contracts to deliver them

A

Bailee

110
Q

The rights of a party who tenders nonconforming performance to correct his or her performance within the contract period

A

Cure

111
Q

A property interest in goods being sold or leased that is sufficiently substantial to permit a party to insure against damage to the goods

A

Insurable Interest

Law 2 (22 decks)

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