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Business Law Ch 7

Business Law with UCC Applications Ch 7

Bilateral Contract A contract in which both parties make promises.
Breach of Contract The failure of one of the parties to a contract to do what was previously agreed upon.
Contract An agreement based on mutual promises between two or more competent parties to do or to refrain from doing some particular thing that is neither illegal nor impossible. The agreement results in an obligation or a duty that can be enforced.
Contract of Record A special type of formal contract usually confirmed by a court with an accompanying judgment issued in favor of one of the parties.
Equal Value Theory A theory that insists a contract is valid only if the things exchanged are of equal value.
Executed Contract A contract whose terms have been completely and satisfactorily carried out by both parties.
Executory Contract A contract that has not yet been fully performed by the parties.
Express Contract A contract in which both parties accept mutual obligations through either oral discussion or written communication.
Formal Contract Under common law, a contract that is written; signed witnessed, and placed under the seal of the parties; and delivered.
Implied Contract A contract created by the actions or gestures of the parties involved in the transaction.
Implied-In-Fact Contract A contract implied by direct or indirect acts of the parties.
Implied-In-Law Contract A remedy imposed by a court in a situation in which the parties did not create a written, oral, or implied-in-fact agreement but one party has unfairly benefited at the innocent expense of another. (Also called Quasi-Contract.)
Informal Contract An oral or written contract that is not under a seal or is not a contract of record. (Also called Simple Contract.)
Mitigation A principle that states an innocent party cannot take advantage by deliberately raising the level of damages that the other party will have to pay as a consequence of a breach.
Obligee In contract law, the party to whom another party owes an obligation.
Obligor In contact law, the party who is obligated to deliver on a promise or to undertake some act.
Privity In contract law, the relationship that exists between two parties to a contract giving each a recognized interest in the subject matter of the contract to that they are bound to that contract.
Promisee In the making of a contract, the party to whom a promise is made.
Promisor In the making of a contract, the party who makes a promise.
Punitive Damages Damages in excess of actual losses suffered by the plaintiff awarded as a measure of punishment for the defendant's wrongful acts. (Also called Exemplary Damages.)
Quasi-Contract A remedy imposed by a court in a situation in which the parties did not create a written, oral, or implied-in-fact agreement but one party has unfairly benefited at the innocent expense of another. (Also called Implied-In-Law Contract.)
Unenforceable Contract A contract that cannot be upheld by a court because of some rule of law.
Unilateral Contract An agreement in which one party makes a promise to do something in return for an act of some sort.
Valid Contract A contract that is legally binding and fully enforceable by the court.
Voidable Contract A contract that may be voided or canceled by one of the parties.
Void Contract A contract that has no legal effect whatsoever.
Admiralty Court A local court established by a coastal city, usually in Italy, to handle commercial disputes regarding goods carried as cargo by ships docked at the city's port.
Canon Law A legal tradition where the Church encouraged the sellers to establish guilds that followed the law of the Church.
Capitalism An economic system that operates on the bases of competition and a free market that responds to the movement of supply and demand.
Fair Court Historically in the Middle Ages in Europe, a court set up at a festival (a fair) to handle disputes between merchants at the festival (fair).
Law Merchant In England, the commercial law developed by merchants who needed a set of rules to govern their business transactions.
Objective Concept Rule The meaning of one's actions of determined by the impression those actions would make upon any reasonable person who might have witnessed them, not by a party's self-serving claim of what was meant or intended by the actions.
Pie Powder Court Historically in the Middle Ages in Europe, a court set up at a festival to handle disputes between merchants at that festival.
Rehabilitate The process of compensating an innocent party for losses that result from a breach.
Staple Court Historically in Europe in the Middle Ages, courts charged with the responsibility for cases involving a set type of goods or a set commodity (a staple).
Created by: dengler
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