Business law Stack #12095
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| offer | A proposal to make a contract
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| offeror | Person who makes an offer
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| offeree | Person to whom offer is made
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| option | Binding promise to hold an offer open
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| firm offer | A merchant's signed, written offer to sell or purchase goods saying it will be held open
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| counteroffer | Offeree's response that rejects offer by varying its terms
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| "mailbox rule" | manner of acceptance
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| minor | Person under the legal age to contract
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| necessaries | Items required for living at a reasonable standard
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| disaffirmance | Repudiation of a voidable contract
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| convict | Person found guilty by court of major criminal offense
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| consideration | What promisor requires as the price for a promise
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| composition of creditors | Whan all of mulitple creditors settle in full for a fraction of the amount owed
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| forbearance | Refraining from doing something
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| Promissory Estoppel | Substitute for consideration when another acts in reliance on promisor's promise
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| unilateral mistake | Mistake by one party to a contract
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| mutual mistake | Mistake by both parties to a contract
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| fraud | Inducing another to contract as a result of an intentionally or recklessly false statement of a material fact
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| fraud in the induement | Defrauded party intended to make a contract
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| fraud in the execution | Defrauded party did not intend to enter into a contract
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| active fraud | Party engages in action that causes the fraud
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| misrepresentation | False statement of a material fact
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| passive fraud | Failure to disclose information when there is duty to do so
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| innocent misrepresentation | False statement made in belief it is true
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| duress | Obtaining consent by means of a threat
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| undue influence | Person in special relationship causing another'ls action contrary to free will
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| rescind | To set a contract aside
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| reformation | Judicial correction of a contract
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| gambling contract | Agreement in which parties win or lose by chance
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| usury | Charging higher rate of interest than law allows
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| maximum contract rate | Highest legal rate of interest
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| legal rate | Interest rate applied when no rate specified
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| statue of frauds | Law requireing certian contract to be in writing
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| debt | Obligation to pay money
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| default | Breach of contractual obligation other than money
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| parol evidence | Oral testimony
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| parol evidence rule | Complete, written contract may not be modified by oral testimony unless evidence of fraud, accident, or mistake
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| third-party beneficiary | Person not party to contract but whom parties intended to benefit
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| creditor beneficiary | Person to whom promisee owes obligation, which is discharged if promisor performs
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| Donee beneficiary | Third-party beneficiary for whom performance is a gift
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| Incidental beneficiary | Person who unitentionally benefits from performance of contract
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| novation | Termination of a contract and substitution of a new one with same terms by new party
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| assignment | Conveyance of rights in a contract to a person not a party
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| assignor | Person making an assignment
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| assignee | Person to whom contract right is assigned
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| joint contract | Contract obligating or entitliing two or more people together to performance
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| several contract | Two or more people individually agree to perform obligation
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| joint and several contract | Two or more people bound jointly and individually
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| tender of performance | Offer to perform in satisfaction of terms of contract
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| tender of payment | Offer and ability to pay money owed
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| legal tender | Any form of lawful money
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| statute of limitations | Time w/in which right to sue must be exercised or lost
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| damages | Sum of money awarded to injured party
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| breach | Failure or refusal to perform contractual obligations
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| anticipatory breach | One party announces intention not to perform prior to time to perform
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| nominal damages | Small amount awarded when there is technical breach but no injury
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| compensatory damages | Amount equal to the loss sustained
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| punitive damages | Amount paid to one party to punish the other
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| liquidated damages | Sum fixed by contract for breach where actual damages difficult to measure
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| rescind | Set aside or cancel
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| specific performance | Carrying out the terms of contract
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| malpractice | Failure to perform w/ ability and care normally exercised by people in the profession
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