Vocab Chap 2: Contracts : Formation and Contents Flashcards
assent (=agree) to what has actually been offered
acceptance
….is the person to whom an assignment is made
assignee
….in contract law means the transfer by a party to a contract of their rights and liabilities under that agreement to another party
assignment
….who assigns and transfers to another
assignor
an arrangement -> invite potential buyers -> make a bid
offer
auction
a right of action be enforced in a court of law
a legal chose in action
a right of action be enforced in a court of equity
an equitable chose in action
a preliminary contract on which the main contract is based
a collateral contract
a term of the contract
condition
sự vi phạm điều kiện hợp đồng
breach of contract
the giving of something of value in exchange for a promise
consideration
an offer made in response to an offer (and therefore implicitly rejecting that offer
counter-offer
an instrument (a document) passes an interest, right, property to another, not require consideration chuyển nhượng bằng chứng thư
a deed
using the internet to make a contract requires communication of the acceptance
electronic communications
out of grace (polite, respectful), given without obligation to do so
ex-gratia
a term of a contract which attempts to limit or exclude, the liability of the party inserting it
exemption clause = exclusion/ exception clause
to give up sth, to give up a right or opportunity, a promise not to do something
forbearance
arise when the parties exchange promises, the consideration to be performed in the future
future (executory) consideration
a statement by a potential offeree indicating a willingness to consider offers
a statement inviting offers
invitation to treat
a letter usually written by a parent company in general terms to a lender about a loan to a subsidiary of the parent company acknowledging the proposed loan
letter of comfort
a person under 18 years old
minor
refers to ending an existing contract and creating a new contract, usually on the same terms, but with one of the parties being different
novation
an invitation to a person or persons to deal on certain terms
an offer
the recipient of an offer
offeree
the person who makes an offer
offeror
evidence given verbally or orally
parol evidence
arises where the promise is made after the acts
past consideration
if a contract is made through the postal service, the offeree’s posting a letter signifies acceptance
postal acceptance rule
arises where an act is done in return for a promise
present (excuted) consideration
a belief or assumption based on reasonable evidence. In the case of intention, there is a rebuttable presumption (giả định để bác bỏ)
presumption
of first appearance
prima facie
means, as a general rule, that only the parties to a contract can acquire rights or incur liabilities under it
privity of contract (quan hệ hợp đồng)
the person to whom a promise is made (the recipient of the promise)
promisee
the person making or giving the promise
promisor
occurs when representations or promises made by one party (the promisor) not to enforce contractual rights are acted on by the other party (the promisee) in such a way that if the promisor was allowed to go back on the promise the promisee would suffer some detriment
promissory estoppel
that which is capable of ownership and is divided into two categories: real property (land) and personal property (goods)
property
statements not meant to be true, but to attract attention
puff
affirmation of an agreement. Confirmation that there is a valid agreement in place. A person may ratify an agreement expressly or by conduct.
ratification/ratify
refuse to accept an offer
reject
in contract law, statements made by the parties in the course of negotiating a contract which are intended to induce the ultimate agreement but not intended to form part oof the contract as terms
representations
an indication by a party to a contract that he or she is unwilling or unable to perform his or her obligations under the agreement. A contract may be repudiated (disclaimed) by express words or the repudiation may be implied from the conduct of the party (unless legislation provides otherwise)
repudiation/pi repudiate
putting an end to a contract in a way that treats it as if it never existed. An agreement can only be rescinded at common law where the parties can be returned to their pre-contractual position. Equity allows recission on wider grounds
rescission/rescind (bãi bỏ)
to revoke or withdraw an offer
revocation
contracts not made under seal (they require intention agreement and consideration)
simple contract
an invitation such as an advertisement, for offers which may or may not be accepted
tender
a contract, is a clause or provision which is promissory in nature and which is intended to form part of the agreement. It may be further classified as a condition, warranty or intermediate term, depending on the intention of the parties
term
a civil wrong other than a claim for breach of contract and for which the remedy is generally damages
tort
against good conscience, so unfair that a court will not enforce an agreement
unconscionable
a contract that is “void” is one on which neither party can sue or be sued
void
a contract that is void from the beginning.
void ab initio
a contract that is voidable may only be rendered void ab initio if the agreement may be rescinded
a contract that may be avoided (set aside) either at the will of a party (by repudiating or rescinding the agreement) or by a court order
voidable
a term of the contract which is subsidiary (of lesser importance) to the main purpose of the contract and which confers on the innocent party only a right to sue for damages.
warranty
