vocab Flashcards
Contract
A written/spoken agreement intended to be enforceable by law
Uniform Commercial Code
A sequence of laws governing the law of sales and commercial transactions within the US, with the intended goal of harmonizing state/federal law regarding this matter
Offer
An explicit proposal to contract, which if accepted, completes the contract and binds both parties to its terms
Mirror image rule
States a contract offer must be accepted directly as stated, with no modifications whatsoever
Consideration
The object of bargain for two parties in a legal contract; can take many forms
Voidable
Can be made void depending on certain conditions
Void
Anything null/no effect
Undue influence
If someone is pressured through intimidation or unfair means into accepting a contract’s terms
Adhesion contract
Also called standard form, when a contract is drafted by one party and signed by another
Unconscionable contract
When the terms of a contract are some BS
Warranty
A written guarantee from a manufacturer to the consumer to repair/fix a defective product within a certain time period
Implied warranty of fitness
A statement from a producer that a product will be fit for use with a specific intended purpose
Statute of frauds
Requires that contracts be in writing between two parties to be considered valid
Assignment
The transfer of rights from one party in a contract scenario to another party
Delegation
The assignment of duty from one party to another
Specific performance
Element in a contract which requires one party to perform a specific action
Cover
Solution available to a buyer when the provider fails, also provides compensation for price difference in repurchase
Mitigation of damages
The concept that someone who has suffered injuries should take every possible action to avoid further injuries
Reformation
The addition of elements to a contract upon request from a party, only executed if there is reasonable proof that one party had grounds to misunderstand a contract
Quasi contract
Legal obligation between two parties lying outside of an explicit contractual statement
Promissory estoppel
Legal principle that a promise is enforceable by law, if reliance upon said promise led to the detriment of a party due to a lack of fulfillment
