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Vocabulary...

Chapters 8-5

QuestionAnswer
Promissory Estoppel An action that the court can take to use the doctrine
Statute of Limitations Specifies a time limit for bringing a lawsuit
Past Consideration When the act has already been performed cannot serve consideration
Composition with Creditors The debtor agrees not to file bankruptcy
Accord and Satisfaction A payment offered in full settlement by the debtor and and acccepted by a creditor settles the claim.
Liquidated Debt One where the parties agree what the debt exists and on the amount of the debt
Requirements Contract when one company supplies all of the items of another company
Output Contract a steel company may buy all of the output of a nearby coal mining company
Nominal Consideration The token amount
Legal Values In result of the contract, there was a change in a party's legal postion
Promisee the person to whom the promise was made
Promisor the person promising
Forbearance to not do something
Donee the person receiving the gift
Donor the person giving the gift
Gift transfer of ownership without reciving another item
Fraud Based on misrepresentation
Fraudulent Misrepresentation If the seller knew the statement was true
Innocent Misrepresentation If the seller thought the false statement was true.
Void The contract is no longer exist.
Material Facts Important facts about the decisions of the contract.
Mutual Mistake both parties have a incorrect belief.
Unilateral Mistake Only one party holds a incorrect belief
Undue Influence occurs when one party to the contract is in a postion of trust or power.
Duress Occurs when one party uses an improper threat or act
Ratification is conduct that confirms you intend to be bound by the contract
Rescission to get back what has already been put into the contract
Voidable You can cancel the contratual Obligation
Genuine Assent true and complete aggrement
Unilateral Contract The offeree accepatce by performing the act
Bilateral Contract The offeree must communicate to the offoror.
Mirror Image Rule The acceptance must match the offor.
Acceptance The offer made an aggrement to the proposal.
Firm Offer a written offor that contains a term stating how long the contract will be aviable.
Option when a gift is exchanged to keep the contract open.
Counteroffer When the offeree changes the contract and it tremintes the old contract.
Revocation To take away the offor.
Offer is a proposal by an offeror does or refrains from doing something in return
Offeree the person the offer is made for
Offeror the person who made the offer.
Judejement the final verdeict made by the judge or jury
Verdict The jurys Decision on the case.
Subpoena When a witness is called into court
Witness Someone who has personal Knowleage about the case
Testiomony What the witness says on the stand.
Evidence Anything that can help prove the defednet gulity.
Injuntion a court order that has someone to stop and act.
Strict Liability the law holds a party liable in a tort
Fraud when somebody intends to change a money amount on a check. etc
Conversion When somebody steels something.
Trespass to Land when you go onto somebodys land intet needs to be proven
Invasion Privacy somebody goes through somebody elese things with out permission or a warrent.
Defamation a written slander
False Imprioment when somebody holds somebody in a area.
Battery Physical damage
Assault Yelling or a maater such as yelling
Intentional Torts When u mean to commit a tort
Negligence Whose fault it is.
Damages
Tort Private or civil wrong
Plea Bargaining The plaintiff may plea guilty to a less serious crime to get a lesser sentanc.
Punishment Any penalty provided by law or imposed by a court
Contempt of Court An Action that hinders the administration of justice.
Immunity is freedom from prosecution.
Seld-defense is the use of froce that appears to be nessery to the victiam to prevent death.
Substantive Defenses to disprove, justify, or excuse the alleged crime
Procedural defenses based on problems with the way evidence is contained.
Defense is a legal position taken by her.
Probable Cause a reasonable ground for belief
White-collar Crimes a crime in the business world
Misdemanor is a less serious crime
Felony is a crime punishable by confinement for more than a year in a state prison
Vicarious Crimminal Liability Substituted
Crime is that it is punishable offense against society
Probate Courts Involves wills and estates
Juvenile Courts for ages 13-18
Small Claims courts handle $2,500 or less
Municipal Courts
Created by: BusinessLawTAB