B Law Unit 1 Ch 11
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| consideration | The value given in return for a promise or performance in a contractual agreement.
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| forbearance | The act of refraining from an action that one has a legal right to undertake.
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| rescission | A remedy whereby a contract is canceled and the parties are returned to the positions they occupied before the contract was made.
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| past consideration | An act that takes place before the contract is made and that ordinarily, by itself, cannot be consideration for a later promise to pay for the act.
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| accord and satisfaction | A common means of settling a disputed claim, whereby a debtor offers to pay a lesser amount than the creditor purports to be owed.
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| liquidated debt | A debt whose amount has been ascertained, fixed, agreed on, settled, or exactly determined.
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| release | An agreement in which one party gives up the right to pursue a legal claim against another party.
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| covenant not to sue | An agreement to substitute a contractual obligation for some other type of legal action based on a valid claim.
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| promissory estoppel | A doctrine that can be used to enforce a promise when the promisee has justifiably relied on it and when justice will be better served by enforcing the promise.
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| estopped | Barred, impeded, or precluded.
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| contractual capacity | The capacity required by the law for a party who enters into a contract to be bound by that contract.
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| emancipation | In regard to minors, the act of being freed from parental control.
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| disaffirmance | The legal avoidance, or setting aside, of a contractual obligation.
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| necessaries | Necessities required for life, such as food, shelter, clothing, and medical attention.
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| ratification | The acceptance or confirmation of an act or agreement that gives legal force to an obligation that previously was not enforceable.
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| usury | Charging an illegal rate of interest.
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| covenant not to compete | A contractual promise of one party to refrain from conducting business similar to that of another party for a certain period of time and within a specified geographical area.
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| employment contract | A contract between an employer and an employee in which the terms and conditions of employment are stated.
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| reformation | A court-ordered correction of a written contract so that it reflects the true intentions of the parties.
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| unconscionable (contract or clause) | A contract or clause that is void on the basis of public policy because one party was forced to accept terms that are unfairly burdensome and that unfairly benefit the stronger party.
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| adhesion contract | A standard-form contract in which the stronger party dictates the terms.
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| exculpatory clause | A clause that releases a contractual party from liability in the event of monetary or physical injury, no matter who is at fault.
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| blue sky laws | State laws that regulate the offering and sale of securities for the protection of the public.
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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