Quiz 7 Flashcards
MYLEGS
A mnemonic wherein the letters stand for the categories of contracts that are required to be in writing to be enforceable. M- marriage Y- years L-land E-estate debts of another G- goods over $500 S- suretyship
Statute of frauds
Statutory provision that requires certain contracts be in writing to be enforceable
Party to be charged
The party against whom enforcement of the contract is sought, the party attempting to avoid contract liability
Click wrap agreement
Relevant to the use of internet and software licensing: requires user to affirmatively ascent to use by clicking on “OK” or “I agree” button.
Prenuptial agreement
An agreement made in anticipation of marriage involving division of property assets in the event or divorce or other event. Aka antenuptial agreement
Cosigner
One who borrows money jointly with another; one that is obligated jointly for the repayment of a debt.
Surety
One who agrees to be responsible for the debt of another if the other fails to pay or perform under the debt.
Collateral promise
A promise to guarantee the debt of another without benefit to the promisor
Affirmative defense
Must be plead in the answer to a complaint, limits or excuses the defendants liability and is based on facts outside of those alleged and claimed by the plaintiff
Easement
A limited right to use the real property of another. It is a right of use, not ownership
Default
A failure to meet ones obligations
Waived
Claims that have been abandoned, a right or privilege not exercised
Performance bond
A surety bond that guarantees performance of the contract according to the terms and specifications
Payment bond
A surety agreement that guarantees a contractor will make all appropriate payments for labor and material sued on worksite
Maintenance bond
A guarantee that a product or project will remain free of defects in workmanship for a specified time period
