Basic Contract Law for Paralegals
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| Accord & Satisfaction | a special agreement in which the parties to a disputed contract agree to new terms in exchange for forbearing to sue under the original contract.
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| Caveat emptor | Latin phrase meaning "let the buyer beware".
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| Caveat venditor | Latin phrase meaning "let the seller beware".
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| Charitable subscription | pledge or promise to donate money to a charity; given the enforceability of a contract under law.
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| Conditional promise | a promise dependent on the happening or non happening of a future event.
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| Consideration | a benefit conferred or a detriment incurred; a basic requirement of every valid contract.
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| Co-signer | person who agrees to be equally liable with a promisor under a contract.
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| Formal contract | written contract under seal specifically enforced by statute.
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| Guarantee | an enforceable written promise to answer for the debts of another.
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| Guarantor | person who agrees to be responsible to answer for the debts of another should the debtor default.
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| Mutuality of consideration | the bargain element of a contract that requires each side to give and receive something of legal value.
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| Nominal consideration | consideration of insufficient legal value to support a contract.
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| Preexisting duty role | promises to do what one is already bound to do is not consideration.
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| Promissory estoppel | doctrine in which promises not supported by consideration are given enforceability, if the promissee had detrimentally relied on the promises.
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| Quid pro quo | Latin phrase meaning "this for that", the mutuality of consideration.
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| Sham consideration | legally insufficient consideration used to mask a gift in words of contract.
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| Sufficiency of the consideration | doctrine that each party to a contract must contribute something of legal value for which he has bargained.
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Created by:
dawnbryant
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