Fall Final Exam Vocab Flashcards
consideration
what is being exchanged in the contract
offeror
person who makes an offer
counteroffer
offer made instead of the original offer—once counteroffer is made, the original offer is void, and you can’t try to accept the original one
unilateral
one-sided offer
F.O.B.
Free On Board
buyer is responsible for any damage that happens to product along the way
infant
a minor/person under 18 years old
bad faith
having dishonest/deceitful intentions when making an agreement
scienter
knowing something is wrong/illegal while doing it
ambiguity
the expressions of the parties are susceptible to >1 interpretation, so there’s some uncertainty to the meaning
good faith
implied condition in all contracts not to hinder the other party’s performance
revocation
taking back an offer
specific performance
when the court tells someone to do a specific thing
real estate
land property
bilateral
two-sided agreement
stare decisis
lower courts have to follow precedent case rules
fraud
wrongful/criminal deception
nominal consideration
small amount of money or value given in a contract to make it legally binding
latent
something that’s not immediately obvious, or hidden
implied-in-fact
agreement based on actions, even if it was never actually discussed
capacity
capability
performance
what’s done in order to seal the contract
offeree
person to whom the offer is made to
mutual promise
how you accept a bilateral offer
Statute of Frauds
statute that requires some contracts to be written (specifically, contracts regarding real property & actions that cannot be performed in under a year)
unconscionability
a deal that’s so unfair a court might not allow it
concurrence
when a judge agrees with the ruling but not with the reasoning
patent
something that is obvious
implied-in-law
when a court intervenes to ensure things are fair, like when something seems too good to be true
duress
agreeing to something only because the person is under a lot of pressure (e.g. A is holding a gun at B’s head and will shoot B if they say no)
tacking
adding how much time someone else used that land to the amount of time you’ve used it, in order to try to gain adverse possession
color of title
a document that says it gives ownership to someone, but it’s flawed
adverse possession
A—Actual possession–>Did they live there?
O—Open & notorious–>not hidden & used as if they were the real owner
C—Continuous (for the statutory period; is tacking allowed?)
A—Adverse
statutory period
set amount of time required to gain adverse possession
causa mortis
cause of death