Basic Contract Law
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| assignment | show 🗑
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| show | A form of selling property where oral bids are taken and the property is sold to the highest bidder.
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| show | A type of contract in which both parties promise to do or refrain from doing something; one promise is exchanged for another. "I will do this and you will do that"
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| show | Money damages awarded to the injured party to compensate them for the breach of contract, but not to punish the breaching party.
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| show | Special damages that might be obtained if the damages upon breach were reasonably foreseeable to the breaching party at the time of making the contract.
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| Consideration | show 🗑
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| show | Legally enforceable promise or set of promises between legally competent parties that must be performed for consideration. Law provides remedy for breach.May be either unilateral,(only one party is bound)or bilateral (all parties are legally bound).
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| show | An attempt by the offeree to change any of the terms proposed by the offeror
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| Earnest money deposit | show 🗑
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| executed contract | show 🗑
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| Executory Contract | show 🗑
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| Express Agreement/Contract | show 🗑
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| show | A type of contract in which the agreement of the parties is demonstrated by their actions or conduct.
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| show | The purpose of a legally enforceable contract; cannot be for illegal actions or acts against public policy.
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| show | People who are recognized by law as being able to contract with others; those of legal age and sound mind; a requirement of a legal enforceable contract.
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| show | The amount of money that will compensate the injured party for breach, which the parties agree to at the time they enter into the contract.
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| show | A deliberate agreement between parties; offer and acceptance; “meeting of the minds.” A requirement of a legally enforceable contract.
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| “Time is of the essence” | show 🗑
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| Mutual assent | show 🗑
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| Novation | show 🗑
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| Offer to Purchase and Contract | show 🗑
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| Offer and Acceptance | show 🗑
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| show | A rule of evidence providing that a written agreement is the final expression of the agreement of the parties, not to be varied or contradicted by prior or contemporaneous oral or written negotiations.
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| reality of consent | show 🗑
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| show | The legal remedy of canceling, terminating, or annulling a contract and restoring the parties to their original positions.
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| show | A legal action to compel a party to carry out the terms of a contract.
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| show | A state law that requires that certain instruments that convey interest in real estate be in writing to be legally enforceable, such as deeds, real estate sales contracts, and certain leases.
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| statute of limitations | show 🗑
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| show | This means that the contract must be performed within the time limit specified, and any party who has not performed on time is liable for breach of contract.
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| unenforceable contract | show 🗑
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| show | A one-sided contract in which one party makes a promise to induce a second party to do something. "I will give you a reward if you find my dog"
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| valid contract | show 🗑
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| show | A contract that seems to be valid on the surface but may be rejected or disaffirmed by one or both of the parties.
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| void contract | show 🗑
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Created by:
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