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Contract Law

Contract Drafting and Interpretation

QuestionAnswer
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