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NALS CH.12_500801

TermDefinition
Acceptance In contracts, the situation occurring when the offeree is in total agreement with the offeror.
Accord and Satisfaction Accord is accepting a substituted item or service in place of the one promised in the original contract. Satisfaction occurs when the substituted item is accepted.
Account Stated A summarized statement of a debtor's account.
Assign (assignment) To designate something to someone.
Assignee A person to whom an assignment is made.
Assignor A person who assigns a right, whether or not he or she is the original owner thereof.
Bilateral Contract A contract in which both parties make a promise.
Breach of Contract A legal cause of action in which a binding agreement or bargained-for exchange is not honored by one or more of the parties to the contract by non-performance or interference with the other party's performance.
Competent Parties Person or organization having the required legal capacity to enter into a binding contract.
Contract A written or spoken agreement, especially one concerning employment, sales, or tenancy, that is intended to be enforceable by law.
Counteroffer An offer made in response to another.
Discharge Tell (someone) officially that they can or must leave, in particular.
Duress constraint illegally exercised to force someone to perform an act.
Executed Contracts A contract document signed by all parties to it.
Executory Contract Contract under execution, or where one or more parties have not yet performed their duties as stipulated in the contract document.
Express Contract Contract whose terms are clearly spelled out, usually in writing.
Formal Contract Contract made legally enforceable by following a prescribed format, and by incorporating standardized conditions and provisions in its body.
Fraud Act or course of deception, an intentional concealment, omission, or perversion of truth.
Implied Contract A legally enforceable agreement that arises from conduct, from assumed intentions, from some relationship among the immediate parties, or from the application of the legal principle of equity.
Impossibility of Performance A circumstance, condition, or fact beyond the control of the parties may excuse performance where means of performance is not available (due to its deterioration or destruction).
Informal Contract Agreement that is not (or need not be) in a prescribed format to be legally valid and binding.
Innocent Misrepresentation A legal term that means a false statement of fact that has the effect of inducing someone into a contract.
Invitations to Offer When one or many party/persons are invited to one or more offer is called as invitation to offer, it is not require for them to get into contract.
Mirror Image Rule Also referred to as an unequivocal and absolute acceptance requirement states that an offer must be accepted exactly with no modifications.
Misrepresentation The action or offense of giving a false or misleading account of the nature of something.
Money Damages A type of relief that awards money as compensation for some injury.
Novation The substitution of a new contract in place of an old one.
Offer Present or proffer (something) for (someone) to accept or reject as so desired.
Offeree One to whom an offer is made: a contract is formed when there is mutual assent between the parties.
Offeror To present for acceptance or rejection
Performance Fulfilling the terms of a contract.
Rescission Repeal of a contract and doing whatever it takes to make a contract whole.
Restitution Act of restoring a thing to its rightful owner. (Paying for the damage)
Specific Performance Do a specific thing.
Undue Influence When you are pressured into a contract.
Unilateral Contract A promise conditioned by the promise of another.
Valid Contract A accepted contract.
Void Contract(s) A contract that is not in motion anymore.
Voidable Contract A contract that can be voided if needed.
Created by: 500801
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