exam prep 2-contracts and leases Flashcards
Meeting the terms of a contract
Performance
The transfer of obligation to a contract from one person to another
Assignment
The creation of a new agreement between the parties
Novation
The failure of a party to meet one or more contracted terms
Breach of contract
A legal provision limiting the time in which an aggrieved person can pursue legal remedies against another
Statue of limitations
A law requiring contracts involving real property to be in writing, and to contain certain elements
Statue of frauds
Requires mutual agreement of terms
Offer and acceptance
Something of value, even a promise to do or not do something
Consideration
Age of majority and mental soundness
legally competent parties
Contractual requirement that its reason for creation is lawful
legal purpose
A verbal (oral or written) agreement between two parties to specific terms
express contract
A contract that exists based not on words, but on the actions or behaviors of the parties
Implied contract
A mutual contract that involves an exchange of promises or other consideration between two parties
bilateral contract
A contract in which consideration (such as a promise) is only given by one party to the other
unilateral contract
A contract in which the parties have met all terms of the contract
executed contract
