Term
|
Definition
terms are understood by written or oral words
|
|
|
Term
|
Definition
| Where contract is inferred by actions. Once long term has been established,conduct continued until cancelled. |
|
|
Term
|
Definition
| contract is one which contains all elements of contract and is enforcable |
|
|
Term
|
Definition
| contract is one that is unenforceable |
|
|
Term
|
Definition
contract is valid, but can be disaffirmed by one of the parties, like ability of minor to disafirm a contract
|
|
|
Term
|
Definition
| a promise to do or refrain from doing a specific act. Must have intent, definitenes, and communication. |
|
|
Term
| Termination of offer Operation Law |
|
Definition
| If the subject matter becomes illegal or is destroyed, or by death or insanity of offeror the offer becomes void |
|
|
Term
| ways of terminating offer |
|
Definition
| offeror can withdraw offer at any time, offeree can either reject offer or make counter offer, can be terminated after certain period of time |
|
|
Term
|
Definition
| contract which can only be accebed by the offerees action |
|
|
Term
|
Definition
| promine for a promise. rejection of an offer is not effective until received by the offeror |
|
|
Term
|
Definition
| means a contracting party has ability to understand agreement they are entering into |
|
|
Term
|
Definition
| subject matter of a contract must be lawful for the contract to be valid |
|
|
Term
| adhesion contract (unenforcable) |
|
Definition
| one where the parties have unequal bargaining power and the one with the greater power will not allow one with lesser power to negotiate |
|
|
Term
|
Definition
| contract whichindicates one party is not liable for their own actions |
|
|
Term
|
Definition
| fraud, undue influence, duress |
|
|
Term
|
Definition
| prevents oral evidence from being introduced in court to contradict written terms, unless proved to be under fraud or duress |
|
|
Term
| remedies to breach conctract |
|
Definition
rescission: contract is cancelled and restored to original circumstances
restitution: bot parties return goods property or money
specific performance: calls upon performance carried out in contract
reformation: an equitable contract that allows contract to be rewritten to reflect parties true intentions |
|
|
Term
|
Definition
| intend to punish or dter future conduct |
|
|
Term
|
Definition
| recognition of liability, but results in no financial loss |
|
|
Term
|
Definition
| put the injured party in same economic position he would have been if contract was performed due to direct losses |
|
|
Term
|
Definition
| when breaching party is aware the breach will cause aditional loss granting relief for foreseeable losses |
|
|
Term
|
Definition
| is used in order to prevent unjust enrichment |
|
|
Term
|
Definition
| land, above land and below land |
|
|
Term
|
Definition
| personal property that have become affixed to real estate in such a way that they become part of real property and transferred with it |
|
|
Term
|
Definition
| inclued fee simple, life estate, or leaseholder estate |
|
|
Term
|
Definition
| include easements, profits or licenses |
|
|
Term
|
Definition
| tenancy in common, joint tenancy, condominium, cooperative |
|
|
Term
|
Definition
| an interest that passes to the estate of each owner upon ones death |
|
|
Term
|
Definition
| undivided interest with a right of survivorship |
|
|
Term
|
Definition
| ownership is a fee simple estate in a portion of a building that is owned in common with the other owners |
|
|
Term
|
Definition
| building owned by a corporation where the occuopant own share in stock |
|
|
Term
| restrictions on ownership |
|
Definition
| easements, restrictive covenants, zoning, enviro laws, taxation |
|
|
Term
|
Definition
| private restrictions on property |
|
|
Term
|
Definition
| limit which types of properties may be located where |
|
|
Term
|
Definition
| permits government to take private property for public purpose |
|
|
Term
| private nuisance (tort against real property) |
|
Definition
| any action that unreasonably interferes with the owners use and enjoyment of land |
|
|
Term
|
Definition
| interferes with right held in common by public |
|
|
Term
|
Definition
| intentional torts, unintentional torts (neglignece), strict liability |
|
|
Term
|
Definition
| category of tort that requires defendant possesed the intent to do the act that caused the plaintiffs injury |
|
|
Term
|
Definition
| false statement that apprears in letter, newspaper, mag, book, movie |
|
|
Term
|
Definition
|
|
Term
|
Definition
| false statement about a competitors products, services, property, or business reputation |
|
|
Term
|
Definition
| has punitive damages, common types: defect in manufacture, defect in design, failure to warn, defect in packaging |
|
|
