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BL-UnitB (3.0-4.0)
Vocab words for Unit B Business Law
| Question | Answer |
|---|---|
| Acceptance | unqualified willingness to along with offer. |
| Accord and Satisfaction | Substitute one contract for another. |
| Actual Damages | directly attributed to injury. |
| Aliens | people who are living in this country but owe allegiance to another. |
| Assignment | transfers rights. |
| Benefit | something a party was not previously entitled to. |
| Bilateral | contains two promises. |
| Bilateral Mistake | mistake by two parties. |
| Breach of Contract | one party fails to fulfill contract. |
| Capacity | legal ability to enter into a contract. |
| Complete Performance | parties fulfill all parts of a contract. |
| Consideration | exchange of things of value. |
| Contract | any agreement enforceable by law. |
| Counteroffer | changing terms of initial offer. |
| Damages | payment recovered for injury. |
| Delegation | transfer of a duty. |
| Detriment | any loss suffered. |
| Discharged | contract comes to an end. |
| Duress | overcoming a person’s will by force. |
| Economic Duress | threats to a person’s business. |
| Express | stated in words (oral or written). |
| Forbearance | not doing something that you have a legal right to do. |
| Fraud | deliberate deception to secure an unfair gain. |
| Genuine Agreement | valid offer met by valid acceptance. |
| Gratuitous | free agreements. |
| Implied | comes about by actions with no words. |
| Impossibility of Performance | something prevents the performance. |
| Incidental Damages | reasonable expenses resulting from a breach. |
| Injunction | prevent a party from performing an act. |
| Interest | fee owed to borrower. |
| Legality | contract must not violate statutes. |
| License | legal document giving permission to do something. |
| Liquidated Damages | Agreed upon prior to contract. |
| Minor | not reached legal age of capacity. |
| Mirror Image Rule | acceptance must not change terms of offer. |
| Misrepresentation | untrue statement of facts. |
| Mitigation of Damages | minimizing potential damages. |
| Mutual Release | two parties agree to end contract. |
| Necessaries | necessities. |
| Nominal Damages | prove legal injury but no damages. |
| Novation | original party is replaced. |
| Offer | proposal of one party to another. |
| Parol Evidence Rule | Ensures that all parts are in writing. |
| Performance | parties fulfill terms of the contract. |
| Privity of Contract | relationship between parties. |
| Promissory Estoppel | a promise enforceable without consideration. |
| Punitive Damages | punish above and beyond actual injuries. |
| Ratify | approve. |
| Rejection | refusal of offer. |
| Rescind | cancel. |
| Restrictive Covenant | a promise not to compete. |
| Revocation | taking back offer. |
| Specific Performance | order contract to be fulfilled. |
| Statute of Frauds | Contracts required to be in writing. |
| Statute of Limitations | time limit on legal action. |
| Substantial Performance | slightly less than complete performance. |
| Unconscionable | great inequality. |
| Undue Influence | unfair persuasive pressure on another person. |
| Unenforceable | court will no uphold due to some rule of law. |
| Unilateral | contains one promise. |
| Unilateral Mistake | error by one of the parties. |
| Usury | charging more than maximum legal interest rate. |
| Valid | legally good. |
| Void | no legal effect. |
| Voidable | party is able to void contract. |
Created by:
jpennington
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