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Paralegal Key Term .

Chapter 10: Introduction to Law, fourth edition, Joanne Hames

TermDefinition
Mirror Image Rule Rule of contract law providing that the acceptance of an offer cannot vary or add to the terms of the offer.
Mailbox Rule Rule of contract law providing that an acceptance is valid upon mailing if mail is an agreeable method of acceptance and the mail is properly addressed and stamped.
Bilateral Contract A contract in which both parties have made promises to perform.
Rescind To undo a contract, usually when the contract is voidable.
Statute of Frauds A law based on English common law requiring certain types of contracts to be evidenced by a writing.
Parol Evidence Rule A rule of contract law stating that when parties have put their agreement in writing, evidence of prior contemporaneous statements regarding the agreement are not admissible if a dispute arises and the parties go to trial.
Integration Clause A clause in a contract that indicates that the contract is meant to embody all of the terms of the parties' agreement.
Quasi Contract A contract imposed by law; a transaction that will be treated as a valid contract even though one or more elements may be missing, because it is the equitable thing to do.
Breach of Contract The failure of one party to a contract to perform his or her obligations under the contract.
Specific Performance A court order requiring one party to fulfill his or her obligations under a contract.
Restitution To make restitution is to return consideration that was given.
Arbitration An out-of-court hearing before a neutral party who listens to two or more disputing parties and renders a decision resolving the dispute.
Assignment The transfer of one's rights under a contract.
Assignor The person who makes a transfer or assignment of rights under a contract.
Assignee The person to whom a transfer or assignment is made.
Delegation The transfer of obligation under a contract.
Uniform Commercial Code (U.C.C.) A uniform set of laws dealing with contracts for the sale of goods; adopted by most states.
Real Property Land, including anything affixed to the land or growing upon the land.
Fee Simple Outright ownership of land.
Life Estate The right to use real property for the term of someone's life.
Joint Tenancy Co-Ownership of property characterized by a right od survivorship.
Community Property Property owned jointly by married persons; not all states recognize community property.
Tenants by the Entirety Property owned jointly by married persons in non-community property states.
Deed A document that evidences title to real property; it is also used to convey property.
Warranty Deed A type of deed used in some states that implies certain representations regarding title; a deed containing a covenant of warranty.
Grant Deed A type of deed used in some states for the transfer or sale of real property form one person (or entity) to another person (or entity).
Quitclaim Deed A deed that implies no representations or warranties regarding title.
Easement The right to a limited use of a portion of another's property.
Mortgage An encumbrance against real property.
Foreclosure A legal proceeding involving the sale of encumbered or mortgaged property when the owner fails to pay the debt.
Deed of Trust A document that evidences a debt secured by real property.
Tenancy The right to use another's property for a limited time.
Lease An agreement between an owner of property and another in which the owner of the property gives the other person the right to use the property for a set period of time.
Unlawful Detainer A lawsuit to evict a tenant.
Intellectual Property Property rights in the result of one's thoughts, ideas, or inventions; includes patents, copyrights, and trademarks.
Infringement Improper interference in the intellectual property of another.
Collective Bargaining Joining together of employees for the purpose of negotiating; often done by a union.
Employment-at-Will An employment arrangement without a fixed term.
Affirmative Action A policy, such as a hiring or school admission, that gives a preference to a group that experienced past discrimination.
Created by: CharterCollegeLC
 

 



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