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Legal Chapter 16-18

Legal Terminology

QuestionAnswer
any agreement that is enforceable in a court of law contract
a proposal offer
agreement bargain
the refusal by the offeree of an offer rejection
when the other person responds with a different offer instead of accepting the one that was made counteroffer
when the offeror has a change of mind and calls back the offer before it is accepted by the offerer revocation
an event that must first occur before an agreement becomes effective condition precedent
the terms of the contract are stated by the parties, either orally or in writing express contract
the terms of the contract are not stated by the parties implied contract
a contract that arises from the conduct of the parties rather than from their express statements contract implied in fact
when one person retains money, property, or other benefit that in equity and justice belongs to another unjust enrichment
the place of the seal L.S.
one to whom a promise is made promisee
an exchange of benefits and detriments by the parties to the agreement consideration
the giving up of a legal right detriment
the one who makes the promise promisor
a barren promise with no consideration nudum pactum
a binding promise by an offeror to hold an offer open and requires consideration from the offereet to make it binding option contract
a barren promise containing no consideration in the agreement lack of consideration
the overcoming of a person's free will by the use of threat or physical harm duress
the overcoming of a person's free will by the misusing a position of trust and taking advantage of the other person whis is relying on the trust relationship undue influence
the transfer of a right assignment
someone for whose benefit a promise is made but who is not a party to the contract third-party beneficiary
transfer of duty delegation
the parties do as they agreed to do under the terms of the contract performance
to offer to do that which one has agreed to do under the terms of the contract tender of performance
to offer to the other party the money owed under the contract tender of payment
occurs when one of the parties fails to carry out the terms of the contract breach of contract
damages in name only nominal damages
damages that compensate the plaintiff for actual losses resulting from the breach compensatory damages
Created by: amy.rucker
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