final exam 2 Flashcards
Contract
any agreement that is enforceable in a court of law
counteroffer
a response to an offer in which the terms of the original offer are changed
express contract
a contract in which the terms are stated or expressed by the parties
implied contract
a contract in which the terms are not stated of expressed by the parties
infant
legal name for minor
nullity
Nothing; as though it had not occured
quasi
as if; almost as it were
ratify
approve; confirm
restitution
restore an injured person to his or her original position prior to a loss
unilateral contract
a contract containing one promise in exchange for an act
valid
good; having legal effect
void
not good; having no legal effect
affirm
approve
boilerplate
standard language used commonly in documents of the same type
deceit
misrepresentation of material, existing fact, knowingly made, that causes someone reasonably relying on it to suffer damages; fraud
duress
the overcoming of a person’s freewill by the use of threat or physical harm
e-signature
a method of signing an electronic message that identifies the sender & signifies his/her approval of a message; electronic signature
forbearance
refraining from taking action
fraud
misrepresentation of material, existing fact, knowingly made, that causes someone reasonably relying on it to suffer damages; deceit
quid pro quo
something for something; one thing for another
rescind
cancel
unconscionable
harshly one-sided and unfair
undue influence
the overcoming of a person’s free will by misusing a position of trust and taking advantage of the other person who is relying on the trust of the relationship
usury
the charging of a greater amount of interest than is allowed by law
bankruptcy
a legal process that aims to give debtors who are overwhelmed with debt a fresh start & to provide a fair way of distributing a debtors assets among all creditors
