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B Law Unit 1 Ch 11

TermDefinition
consideration The value given in return for a promise or performance in a contractual agreement.
forbearance The act of refraining from an action that one has a legal right to undertake.
rescission A remedy whereby a contract is canceled and the parties are returned to the positions they occupied before the contract was made.
past consideration An act that takes place before the contract is made and that ordinarily, by itself, cannot be consideration for a later promise to pay for the act.
accord and satisfaction A common means of settling a disputed claim, whereby a debtor offers to pay a lesser amount than the creditor purports to be owed.
liquidated debt A debt whose amount has been ascertained, fixed, agreed on, settled, or exactly determined.
release An agreement in which one party gives up the right to pursue a legal claim against another party.
covenant not to sue An agreement to substitute a contractual obligation for some other type of legal action based on a valid claim.
promissory estoppel A doctrine that can be used to enforce a promise when the promisee has justifiably relied on it and when justice will be better served by enforcing the promise.
estopped Barred, impeded, or precluded.
contractual capacity The capacity required by the law for a party who enters into a contract to be bound by that contract.
emancipation In regard to minors, the act of being freed from parental control.
disaffirmance The legal avoidance, or setting aside, of a contractual obligation.
necessaries Necessities required for life, such as food, shelter, clothing, and medical attention.
ratification The acceptance or confirmation of an act or agreement that gives legal force to an obligation that previously was not enforceable.
usury Charging an illegal rate of interest.
covenant not to compete A contractual promise of one party to refrain from conducting business similar to that of another party for a certain period of time and within a specified geographical area.
employment contract A contract between an employer and an employee in which the terms and conditions of employment are stated.
reformation A court-ordered correction of a written contract so that it reflects the true intentions of the parties.
unconscionable (contract or clause) A contract or clause that is void on the basis of public policy because one party was forced to accept terms that are unfairly burdensome and that unfairly benefit the stronger party.
adhesion contract A standard-form contract in which the stronger party dictates the terms.
exculpatory clause A clause that releases a contractual party from liability in the event of monetary or physical injury, no matter who is at fault.
blue sky laws State laws that regulate the offering and sale of securities for the protection of the public.
Created by: leighg2011