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Contract Law
Contract Drafting and Interpretation
| Question | Answer |
|---|---|
| Approved Form | a contractual or conveyance form which is prepared and approved by the department of regulation and licensing. |
| Bilateral Contract | a contract which binds two parties. two promises are given, one in exchange for another. |
| Breach | a failure to perform as promised in a contract. |
| Consideration | one of the elements necessary to form a valid contract. it may take the form of good (love, affection) or valuable (anything relating to money). |
| Contingency | a provision in a contract that requires the completion of a certain act or the happening of a particular event before that contract is binding. |
| Contract | a legally enforceable promise or set of promises that must be performed, and for which, if a breach occurs, the law provides a remedy. |
| Express Contract/Express Agreement | a contract created by the parties stating their intentions either verbally or in writing. |
| Good Consideration | A reason for doing something based on natural affection, generosity, love, or moral duty. This reason is insufficient to judge a commercial contract or promise enforceable as it lacks valid, valuable, and legal basis for the reason. |
| Meeting of the Minds | (referred to as mutual agreement or consensus ad idem) a phrase in contract law used to describe the intentions of the parties forming the contract. refers to the situation where there is a common understanding in the formation of the contract. |
| Parole Evidence Rule | prevents the admission into court evidence of any oral negotiations or agreements that vary or contradict the terms of the written contract. |
| Specific Performance | an action brought by a court to force a party to carry out the terms of a contract. |
| Time is of the Essence | the specified date in the contract by which agreed-upon acts must be completely performed or the non-performing party will breach the contract. |
| Unenforceable Contract | a contract whereby neither party can sue the other for performance. however, an unenforceable contract may valid between the parties by their mutual agreement. |
| Unilateral Contract | a one-sided agreement where one party makes a promise to another and is bound by the promise. the second party is not bound. |
| Valid Contract | a contract that contains all of the necessary elements and is enforceable in a court of law. |
| Valuable Consideration | A benefit conferred or a detriment incurred by a party in exchange for another's promise. Valuable consideration may be non-monetary as long as it is of some value to one or both parties. |
| Void Contract | an unenforceable contract that lacks legal purpose or essential requirements. |
| Voidable Contract | a contract that can be voided by an injured party. |
Created by:
bunkiebaby
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