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Contract terms
PCCE Key Terms for Contracts Section
| Term | Definition |
|---|---|
| Accord and Satisfaction | the payment of money, or other valuable consideration (usually less than the amount owed), in exchange for the extinguishment of a debt. There must be an express or implied agreement that accepting the smaller sum discharges the obligation to pay the larg |
| Anticipatory Repudiation | occurs when one party positively states that they will not substantially perform a contract |
| Consequential Damages | a legal term referring to an injury or loss that is sustained by someone as an indirect result of another person’s action(s). |
| Duress | wrongful act or threat by one person that compels another person to perform some act, such as sign a contract, which he/she would not have performed voluntarily. As a result, there is no true meeting of the minds of the parties and, therefore, there is no |
| Exculpatory Clauses | a contractual clause that releases one party from liability in case of wrongdoing by the other party involved. |
| Express Condition | a condition that is clearly stated in the language of the contract that defines a particular circumstance that either creates or removes an obligation for one or more of the contracting parties. |
| Force Majeure | a common clause in contracts that essentially frees both parties from liability or obligation when an extraordinary event or circumstance beyond the control of the parties (such as war, strike, riot, crime or an event described by the legal term “Act of G |
| Implied Conditions | those conditions that have not been expressly stated, but which the law presumes to be so inherently a part of the contract that it need not be set forth in clear and written terms. These are contractual terms which are to be understood by the parties. |
| Invitation to Treat | an expression of willingness to negotiate. A person making an invitation to treat does not intent to be bound as soon as it is accepted by the person to whom the statement is addressed. |
| Liquidated Damages | a stipulated contractual amount that the parties agree is a reasonable estimation of the damages owed to a party in the event of a breach by the other. |
| Novation | the act of either replacing an obligation to perform with a new obligation, or replacing a party to an agreement with a new party. |
| Offeree | a person or entity to whom an offer to enter into a contract is made by another. |
| Offerer | a person or entity who makes a specific proposal to another to enter into a contract. |
| Parol Evidence Rule | prohibits the introduction into a court of law of any oral or written agreement that contradicts the final written agreement. |
| Perfect Tender Rule | the legal right for a buyer of goods to insist upon “perfect tender” by the seller. In a contract for the sale of goods, if the goods fail to conform exactly to the description in the contract (whether as to quality, quantity, or manner of delivery), the |
| Performance | the act of completing a transaction according to the terms given in the contract. |
| Promissory Estoppel | a term used in contract law that applies where, although there may not otherwise be an enforceable contract because one party has relied upon the promise of another, it would be unfair to not enforce the agreement. |
| Rescission | an action by a party which terminates a contract. When this happens, the parties are placed in the position of never having entered into the contract. |
| Restitution | a remedy designed to restore the injured party to the position occupied prior to the formation of the contract. |
| Severability | a provision in a contract which states that if parts of the contract are held to be illegal or otherwise enforceable, the remainder of the contract should still apply. |
| Specific Performance | grants the plaintiff what he/she actually bargained for in the contract rather than damages for not receiving it. This is an equitable remedy, not a legal remedy. By compelling the parties to perform exactly what they had agreed to perform, more complete |
| Statute of Frauds | a statutory requirement that certain kinds of contracts must be in writing to be enforceable. |
| Undue Influence | unlawful control exercised by one person over another in order to substitute the first person’s will for that of the other. This is where a person takes advantage of the psychological weakness of a second person to influence the second person to agree to |
| Uniform Commercial Code | a legal code adopted by most states that codifies various laws dealing with commercial transactions, primarily those involving the sale of goods, both tangible and intangible, and secured transactions. |
| Unjust Enrichment | an equitable principle that a person should not profit at another’s expense and, therefore, should make restitution for the reasonable value of any property, services or other benefits that have been unfairly received and retained. |
| Void Contract | this contract imposes no legal rights or obligations upon the parties and is not enforceable by a court. This contract is, in effect, no contract at all. |
| Voidable Contract | this contract has no legal force or effect on the grounds of fraud, mistake, misrepresentation, lack of capacity, duress, undue influence, or abuse of a fiduciary relationship. A contract that is based on one of these grounds is not automatically void, bu |
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