Level 8 Contract Law Flashcards
the transference of rights and obligations in a contract from one party to another
assignment
a contract wherein both parties are obligated to perform in an exchange of promises
bilateral contract
something valuable that each party exchanges in order to demonstrate that they agree to the contract’s terms
consideration
a legally enforceable and binding agreement between parties wherein a promise to do or not do something is given in exchange for valuable consideration
contract
possessing the essential elements necessary to be legally binding and obligate performance; used to describe the compelling nature of a valid contract
enforceability
a contract that has not yet been fully performed (both sides have not yet completed their obligations)
executory contract
a contract created by the actions of the parties rather than by express agreement
implied contract
damages established by the contract to be paid as
compensation in the event of default
liquidated damages
lacking legal or binding force; invalid
null and void
an oral agreement that is potentially enforceable if validly created
parol contract
a legal remedy that requires the party in breach of contract to perform in accordance with the terms of the contract (as opposed to paying damages)
specific performace
a law which requires certain types of contracts, including those conveying interest in real property, to be in writing to be enforceable
statue of frauds
a legal concept that establishes time limits for bringing certain kinds of legal actions
statue of limitations
a contract wherein one party makes a promise and is obligated to perform if a second party chooses to accept the offer and perform in exchange for that which was promised
unilateral contract
possessing accuracy and, in context of contractual status, being legally binding and enforceable
validity
