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Ch 18: Contract Law
mert and gerds study stack
| Term | Definition |
|---|---|
| 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:
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