Contract Terms and Concepts: Definitions and Key Elements, Quizzes of Hospitality and Tourism

Download Contract Terms and Concepts: Definitions and Key Elements and more Quizzes Hospitality and Tourism in PDF only on Docsity! TERM 1 Contract DEFINITION 1 Is an agreement between two or more parties that is enforceable in court TERM 2 Breach of contract DEFINITION 2 Failure to perform the terms of the contract constitutes a breach of contract which interns results in liability TERM 3 Elements of the contract DEFINITION 3 These elements are contractual capacity neutrality legality consideration proper form genuine assent TERM 4 Capacity to contract DEFINITION 4 That is the ability both to understand the terms of the contract into appreciate that failure to perform its terms can lead to legalize building including a lawsuit TERM 5 Voidable contract DEFINITION 5 Is one that may be canceled at the option of one party in this case the person with the legal disability the right to cancel also called the right to avoid or disaffirm pies while the disability exist for reasonable time after the ends this is after the minor reaches 18 to 21 depending on the state after the very intoxicated person become sober for the mentally incompetent person becomes competition TERM 6 mutuality DEFINITION 6 Means that all parties to the contract are interested in its terms and intend to enter an agreement to which they will be legally bound TERM 7 Offeror DEFINITION 7 Person makes an offer to whom the offers meOffer and acceptance are elements required for the formation of a legally binding contract: the expression of an offer to contract on certain terms by one person to another person (the "offeree"), and an indication by the offeree of its acceptance of those terms. TERM 8 Acceptance DEFINITION 8 Expression of agreement by the coffee to the terms of the offer at the offeree excepts the offer o is achievedAcceptance in human psychology is a person's assent to the reality of a situation, recognizing a process or condition without attempting to change it, protest. TERM 9 Counteroffer DEFINITION 9 A response to an offer that modifies one or more of its provisions a counter offer is not an acceptance rather the counter offer is treated as a new offer TERM 10 Void contract DEFINITION 10 Is one that is enforceable in court to be enforceable contract must have a legal objective TERM 21 Trade usage DEFINITION 21 Means practices are modes of dealing generally adhered to in a particular industry from watching exception arises that will be honored in a given transaction TERM 22 Condition DEFINITION 22 If the condition occurs the contract old duty remains in effect the condition does not occur the contract is discharged and the parties are not obligated to perform TERM 23 Mitigate DEFINITION 23 If plaintiff seeking to collect damages for breach of contract was proof that it attempted to mitigate its loss means to reduce our lessen TERM 24 punitive damages DEFINITION 24 Are some of money sometimes awarded to plaintiff in excess of compass Tori damagesPunitive damages or exemplary damages are damages intended to reform or deter the defendant and others from engaging in conduct similar to that which formed the basis of the lawsuit. TERM 25 Goodwill DEFINITION 25 Refers to a favorable reputation producing an exception for future business TERM 26 Attrition clause DEFINITION 26 Contract provision of the obligates the organization to compensate the hotel the fewer than the contractual number of the rooms are rented by the conventioneers TERM 27 No-cause termination clause DEFINITION 27 Which is a contract provision providing the party to terminate the contract for any reason for no reason at all the terms of the contract from a termination ending the contractual relationship is not a breach of contract TERM 28 tourt DEFINITION 28 Noncriminal conduct on by one person that causes Andrew financial lost another