Contract Law Terms and Definitions, Quizzes of Civil Engineering

Download Contract Law Terms and Definitions and more Quizzes Civil Engineering in PDF only on Docsity! TERM 1 Assignment DEFINITION 1 - Party A transfers rights only (money) one way and assigns them to a third party o You owe money to b, and youre working for c, you tell c to pay b instead of you TERM 2 Delegation DEFINITION 2 - Party A transfers duties and (usually) rights to a 3rd party but not liability - Party A is still responsible for work o Ex. subcontracting TERM 3 Novation DEFINITION 3 - Complete substitution of the obligated party in all respects: rights, duties, and liability - Substitutes new obligation for an existing one - Results in new contract either way TERM 4 Statute of Frauds DEFINITION 4 - Certain classes of contracts must be evidenced in writing and signed to be enforceable o Must be evidence with something in writing, not necessarily everything, but proof there is an agreement - my leg from slides o Marriage o Year (duration of contract) o Land ownership o Executorships (wills) o Goods over a certain dollar amount ($500 in VA) TERM 5 Failure of Condition DEFINITION 5 - Excuses other party from fulfilling their obligation, but they have no right to monetary damages o Failure of condition is not failure of promise TERM 6 Requirement of Privity DEFINITION 6 - a contract cannot confer rights or impose obligations arising under it on any person (in slides) TERM 7 Intended Beneficiary DEFINITION 7 - Party that deliberately receives a benefit when a contract agreement is made between two parties TERM 8 Incidental Beneficiary DEFINITION 8 - Contract agreement benefits a third party even though that was not the intent of the agreement TERM 9 Full Performance DEFINITION 9 - Completion of all contract duties on both sides in accord with the terms and conditions of the agreement TERM 10 Breach DEFINITION 10 - Failure to perform duties without sufficient excuse or justification TERM 21 Valid Supervening Illegality DEFINITION 21 - If law changes preventing work (making work illegal) then both parties are excused TERM 22 Valid objective impossibility DEFINITION 22 - Unforeseen and unavoidable circumstances TERM 23 Invalid excuses for termination of contract DEFINITION 23 - Cant terminate a contract but may be argument for more compensation or inclusion in cancellation clause TERM 24 Subjective Impossibility DEFINITION 24 - Inconveniences that can delay contract but not prevent its fulfillment TERM 25 Substantial Performance DEFINITION 25 - Accomplishment of all things essential to contract - Small deviations are ok as long as they do not distract from performance standards TERM 26 Partial Performance DEFINITION 26 - Work falls short of substantial but is enough to benefit owner o Servable contract o Owners fault o Objective impossibility TERM 27 Remedies for Breach DEFINITION 27 CompensatoryIncidentalLiquidated DamagesPunitiveRestitution TERM 28 Compensatory remedy for Breach DEFINITION 28 - Money already spent is compensated, but nothing more TERM 29 Incidental Remedy for Breach DEFINITION 29 - Covers additional expenses directly resulting from breach o Ex. New materials, time, and labor spent looking for new materials TERM 30 Liquidated Damages Remedy for Breach DEFINITION 30 - Agreed upon costs and meant to represent lost income TERM 31 Punitive Remedy of Breach DEFINITION 31 - Additional money intended to punish TERM 32 Restitution DEFINITION 32 - Return of money/goods/value of goods delivered before breach on both sides TERM 33 Suspension of Contract Clause DEFINITION 33 - Owner of engineer has right to suspend work in case of emergency or unexpected development - To protect owners interest - Ex. illness TERM 34 Cancellation of Contract Clause DEFINITION 34 - Ex o Bankruptcy of contractor o Failure of contractor to provide sufficient labor/supply o Failure to comply with engineers instructions o Failure to comply with local laws TERM 35 Prevention of Transfer Clause DEFINITION 35 `- Transfer by contractor (novation) is not allowed without owners consent