Legal Terms in Contract Law, Quizzes of Business and Labour Law

Download Legal Terms in Contract Law and more Quizzes Business and Labour Law in PDF only on Docsity! TERM 1 acceptance DEFINITION 1 agreement to terms of an offer which creates contract TERM 2 advertisements DEFINITION 2 generally invitations for others to offer to buy TERM 3 bilateral contract DEFINITION 3 promise of one party is exchanged for a promise of the other party TERM 4 consideration DEFINITION 4 something of legal value given in exchange for a promise TERM 5 contract DEFINITION 5 legally enforceable promise/set of promises TERM 6 counter offer DEFINITION 6 proposal by the offeree to change the terms of an offer, terminates original offer TERM 7 express contract DEFINITION 7 oral/written contract which the parties directly state the terms of their contract when it's formed TERM 8 implied-in-fact contract DEFINITION 8 implied by the conduct of the parties TERM 9 implied-in-law contract DEFINITION 9 situation where no contract existed but someone benefitted from goods or services, and justice requires payment (aka quasi-contract) TERM 10 legal capacity DEFINITION 10 ability to incur legal duties and acquire legal rights (minors, the intoxicated and the insane have limited capacity) TERM 21 specific performance DEFINITION 21 court order to the breaching party to perform his/her contract duty (used when damages wouldn't provide justice; often involves land or unique goods) TERM 22 accord and satisfaction DEFINITION 22 an agreement by the parties to a contract to give and accept some different consideration/performance than what was in the original bargain TERM 23 breach of contract DEFINITION 23 to fail, with no legal excuse, to perform the terms agreed to in a contract TERM 24 discharge DEFINITION 24 the end of a contract obligation which occurs when the parties have performed under a contract or the parties have agreed to some other discharge or impossibility releases the parties TERM 25 impracticality DEFINITION 25 the automatic end of duties under a contract when an unanticipated generalized event beyond the parties' control makes the performance extremely burdensome (i.e. international embargoes, strikes, wartime shortages) TERM 26 impossibility DEFINITION 26 the automatic end of duties under a contract when an event makes performance impossible (i.e. death of a party, the destruction of the subj. matter through no fault of either party, or a change in the law making the contract illegal) TERM 27 liquidated damages DEFINITION 27 damages specified in a contract b/c actual damages in the event of a breach would be hard to determine. TERM 28 novation DEFINITION 28 agreement by all parties to discharge one party from a contract and allow a substituted person to perform; this ends all obligations of the discharged party TERM 29 rescission DEFINITION 29 agreement by both parties to terminate their contract w/out performing TERM 30 restitution DEFINITION 30 to restore a person to the position he/she would have enjoyed had there been no breach of contract TERM 31 unenforceable contract DEFINITION 31 contract that meets the basical legal requirements for a contract but won't be enforced b/c of the effect of some other legal rule (i.e. the statute of frauds or statue of limitations) TERM 32 delegation DEFINITION 32 to transfer one's duty to perform under a contract to someone else TERM 33 mutual mistake DEFINITION 33 major mistake made by both parties to a contract (creates void contract b.c there was no meeting of the minds) TERM 34 promissory estoppel DEFINITION 34 dotrine that enforces certain promises (when the promisor could foresee that another would reasonably rely on the promise and enforcement is needed to avoid injustice) TERM 35 statute of frauds DEFINITION 35 laws that require certain kinds of contracts to have written evidence before they will be enforced