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Bus Law Chapter 10
| Term | Definition |
|---|---|
| voluntary consent | knowing and voluntary agreement to the terms of a contract |
| bilateral mistake | mistake occurs when both parties are mistaken about the same material fact |
| unilateral mistake | mistake that occurs when one party to a contract is mistaken as to a material fact |
| scienter | knowledge on the part of the misrepresenting party that material facts have been falsely represented or omitted with an intent to deceive |
| statute of frauds | state statute under which certain types of contracts must be in writing to be enforceable |
| assignment | the act of transferring to another all or part of one's rights arising under a contract |
| delegation | the transfer of a contractual duty to a third party |
| third party beneficiary | one for whose benefit a promise is made in a contract but who is not a party to the contract |
| intended beneficiary | a third party for whose benefit a contract is formed |
| incidental beneficiary | a third party who incidentally benefits from a contract but whose benefit was not the reason the contract was formed |
| discharge | termination of an obligation when both parties have fully performed their contractual obligations |
| performance | fulfillment of one's duties arising under a contract with another, normal way of discharging one's contractual obligations |
| condition | qualification, provision, or clause in a contractual agreement, the occurrence or nonoccurrence of which creates, suspends, or terminates the obligations of the contracting parties |
| condition precedent | a condition that must be met before a party's promise becomes absolute |
| tender | unconditional offer to perform an obligation by a person who is ready, wiling, and able to do so |
| anticipatory repudiation | an assertion by a party indicating that he or she will not perform an obligation that the party is obligated to perform |
| mutual rescission | agreement between parties to cancel their contract, releasing parties from contractual obligations |
| novation | substitution of a new contract for an old one, with the rights under the old one being terminated |
| mitigation from damages | a rule requiring a plaintiff to do whatever is reasonable to minimize the damages caused by the defendant |
| liquidated damages | an amount, stipulated in a contract, that the parties to the contract believe to be a reasonable estimate of the damages that will occur in the event of a breach |
| restitution | equitable remedy under which a person is restored to his or her original position prior to loss or injury, or placed in position he or she would have been in had the breach not occurred |
| reformation | court ordered correction of a written contract so that it reflects the true intentions of the parties |
| quasi contract | fictional contract imposed on parties by a court in the interests of fairness and justice |
Created by:
jennafarnsworth
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