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chapter23- Contracts

Consumer Education Unit

termdefinition
caveat emptor the principle that the buyer alone is responsible for checking the quality and suitability of goods before a purchase is made.
consumer a person who purchases goods and services for personal use.
contract a written or spoken agreement, esp. one concerning employment, sales, or tenancy, that is intended to be enforceable by law.
breached make a gap in and break through (a wall, barrier, or defense).
offer present or proffer (something) for (someone) to accept or reject as so desired.
acceptance the action of consenting to receive or undertake something offered.
consideration careful thought, typically over a period of time.
competent having the necessary ability, knowledge, or skill to do something successfully.
cosign sign jointly
ratified sign or give formal consent to (a treaty, contract, or agreement), making it officially valid.
unconscionable not right or reasonable
fraud wrongful or criminal deception intended to result in financial or personal gain.
expectation damages those damages which a plaintiff sustains not based on the injury but because of the loss of some future, possibly speculative, stream of income.
rescission the revocation, cancellation, or repeal of a law, order, or agreement.
restitution the restoration of something lost or stolen to its proper owner.
specific performance the performance of a contractual duty, as ordered in cases where damages would not be adequate remedy.
duty to mitigate Mitigation in law is the principle that a party who has suffered loss has to take reasonable action to minimize the amount of the loss suffered.
Created by: rflores5141