Quiz 4 Vocab - Test 1 Flashcards
Recital Clauses
can be used to set out the offer and the acceptance of the parties; provide background and reasons for the contract. Is not a part of the contract
Identification clause
Can be used to Identify the parties, set out addresses, dates, and type of contract
Body of the Contract
sets out the terms, conditions, obligations, and responsibilities of the parties.
Integration
when the parties agree that the document represents the final expression of their agreement, it is referred to as an integrated agreement.
Merger Clause
A clause in the contract that states the document is the complete and final agreement between the parties.
Self-Proving Document
a document wherein the signature or signatures of the parties are verified and sworn to before a notary public. It can be used as evidence in court without calling in the person(s) who signed the document.
Scrivener’s Error
a typographical error or a drafting defect.
Parol Evidence Rule
applies to oral or written statements made prior to the final integrated contract that would be barred from being introduced as evidence because such statement or writing contradicts, changes or alters the integrated contract is some way.
Subsequent Agreement
an amendment to the original contract. A separate, later agreement that changes or modifies the original agreement.
Boilerplate
lauses in contracts that contain standard terms that can be used in all contracts as they are not adapted to the individual parties or circumstances. Language that can be used in any contract.
Active Voice
The subject of the sentence acts. (Example: the builder shall obtain liability insurance before beginning construction).
Passive Voice
The subject of the sentence is acted upon. (Example: liability insurance shall be obtained before construction begins).
Severability Clause
Clause in the contract that provides that in the event any part of the contract is found to be invalid or unenforceable, the remainder of the contract shall remain in effect.
Legalese
Very formal, often archaic, language used in a contract. Language that is used to impress the client.
Incorporation by Reference
A reference to an outside document that is not part of the contract, but which the parties want to make a part of the contract by referencing to it.