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Bus Law Chapter 10

TermDefinition
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