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Ch 18: Contract Law

mert and gerds study stack

TermDefinition
Contract A legally binding agreement between two or more competent parties
Bilateral contract An agreement by both parties to do something for each other
Oral Contract A verbal agreement between two or more parties
Witten Contract An agreement between two or more parties in which the terms are set out on paper or by the internet communication
Implied contract An agreement in which the parties indicate consensus through their conduct
Express Contract An agreement in which the terms have been discussed and agreed upon in advance
Contract Under Seal A written agreement bearing a red sticker, handwritten dot, or the word seal
Consensus Ad Idem A clear understanding between the parties of the terms of the contract and the willingness to abide by them
Offer A proposal to another party to enter into an agreement on certain terms
Offeror A person who makes an offer
Offeree A person who receives an offer
Invitation To Treat A communication intended to elect offers from the persons who receive it
Lapse To be terminated or cease to exist
Revoke To withdraw or take back
Counteroffer An offer made in response to an existing offer
Acceptance A clear indication by the offeree to enter into a contract on the terms set out by the offeror
Unilateral Contract A contract formed when the offeree accepts an offer by performing an act requested by the offeror
Consideration Something of value that either benefits the party who receives it or is a loss or inconvenience to the party who provides it
Gratuitous Promise An offer that gives the benefit to the offeree only
Present Consideration Something of value that is exchanged at the time a contract is formed
Future Consideration Something of value that is exchanged after a contract is formed
Past Consideration A benefit conferred before a contract is alleged to have been formed
Capacity The ability to enter into a legally binding contract
Necessaries Basic items a person requires to function in society, such as food, clothing, shelter, and medical and dental care
Voidable contract A contract that can be avoided or not carried out
Ratification An indication of willingness to be bound by a contract
Repudiation An indication by words or conduct that one does not intend to honour the obligations of a contract
Void contracts Agreements with legal force
Legal Purpose A purpose not forbidden by law
Rescission Restoring the parties to the positions they would have occupied had there been no contract
Contrary to the public policy Against the morals and ethics of a community
Mistake An error about an important term of a contract
Common mistake The same mistake made by both parties
Mutual mistake An error made by both parties to a contract about different things
Unilateral mistake An error made by one party to a contract, of which the other party is aware
Clerical mistake An error made in recording the details of the contract
Non est factum Latin for "its not my fault," which can be used as a defence to void a contract
Misrepresentation A false or inaccurate statement of fact that causes the other party to enter into a contract
Caveat emptor Latin for "let the buyer beware," implying that a purchase is made at the buyer's risk
Innocent misrepresentation A false statement that is believed to be true by the party making it
Fraudulent misrepresentation A statement of fact that the maker knows is false, made with the intent to cause another person to act on the statement
Duress The use of unlawful threats or pressure to force someone into a contract
Undue influence Pressure arising from a special relationship with an individual that is used to convince him or her to enter into a contract
Unconscionability Unreasonable advantage taken of one of the parties to a contract
Privity of contract Only the parties to the contract can enforce the rights and obligations created by the contract
Breach of contract Failure by a party to perform the obligations agreed to in the contract
Specific performance A court order requiring a party to fulfill the terms of a contract
Condition A very important term of a contract
Warranty A minor term of a contract
Exemption clauses Clauses that release a party from liability
Damages Money awarded by the court for actual losses resulting from a breach of contract
Mitigation of damages The obligation on the part of the injured party to attempt to minimize losses suffered
Injunction A court order requiring or prohibiting an action
Agreement to sell An agreement whereby title is transferred to the buyer in the future
Manufacturer's warranty A promise from a manufacturer to repair its product without cost to the purchaser within a specific period
Implied conditions Essential elements of a contract that are not specifically stated in the contract
Default Failure to do something required by law
Lien The right to hold or dispose or another person's property in payment for a debt
Stoppage in transit Returning goods to a seller before they have been delivered to a buyer
Bait and switch Advertising an item at a low price and maintaining a small amount of stock in hopes of luring consumers into the store to purchase higher-priced goods
Created by: slslozzy