Term
| Delegation (definition and requirements) |
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Definition
| Occurs when a party to a contract (delegator) transfers his or her duty to perform to a third party who is not part of the originial contract (delegatee) |
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Term
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| When a party to a contract (assignor) transfers his or her rights to a contract to a third party (assignee), giving the assignee the right to collect what was contractually agreed upon in the first contract. |
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Term
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Definition
duty - obligation to act right - legal ability to collect or have a claim through a contract Rights and duties are independent. If you assign a right, you still have a duty to perform. |
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Term
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| statute that sets a maximum limit on the amount of time a legal grievance can be filed after the initial event occurs |
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Term
| Illegal contracts based upon public policy |
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Definition
1. Restraints of trade - exception: non-competition agreements 2. Exculpatory - clause in contract that will relieve someone or tortious liability. EX: superior tries to force adhesion with subordinate. 3. Unconscionability - clause in a contract that puts someone at an unfair advantage 4. Can't enter into a contract that intends to commit a tort 5. Contracts to corrupt public officials |
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| Involves contract with minors. If you make a contract as a minor, you can "ratify" a contract after your 18th bday and only then is the contract binding. Minor can not ratify before 18. |
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Term
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Definition
-makes contracts have to be in writing in order to be enforceable. 1. Surety provision - promise from a third party "C" that if "A" doesn't fulfill contract to "B" then "C" will. EX: Insurance companies. 2. Executor Administrator - person who is responsible to carry out a contract for another person even though they are not involved. EX: person carrying out a will. 3. Marriage provision - prenuptial agreements 4. Land contract provision - any type of transaction involving land must be in writing 5. One year provision - if contract requires an act that is impossible to perform in one year |
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Term
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Definition
- If all terms (complete agreement) is in writing, then a court will not allow oral testimony at trial to modify written agreement. - prevents people from bringing into evidence side agreements - if side (oral) agreements are made prioror at same time as signing, can not be used as evidence -oral agreements after can be used as evidence |
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Term
| Oral evidence allowed that is not considered parol evidence (5) |
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Definition
1. contracts that have been subsequently modified 2. contracts conditioned on orally agreed terms 3. nonfinalized, partially written and partially oral, contracts 4. contracts containing ambiguous terms 5. incomplete contracts |
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| 3rd party beneficiary that has a contractual relationship w/ one of the other two parties. The 3rd party is owed by one of the other two parties. |
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Term
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3rd party beneficiary where they receive a gift have no contractual relationship with any of the two transactional parties. 3rd party must be mentioned from the beginning of contractual negotiations. |
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Term
| intoxicated persons and thier contracts |
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Definition
voidable dont know the influence of their actions. Can only disafirm or ratify contracts when lucid |
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Term
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Definition
| -incidents of being around a contract where you are not involved in, but you still receive benfit |
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Term
| "increased burden" assignments |
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Definition
| any assignment that involves the statute of frauds has to be in writing |
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Term
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Definition
-contract has to be in writing if goods are more than $500. Exceptions: admission to purchase, special manufactured goods, delivery and acceptance. Contracts must have: subject matter, cost/price, terms, signed by agreeing person |
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Term
| What happens when a minor disafirms another minor? |
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Definition
| -generally contracts are rescinded if there is a breach of contract |
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Term
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Definition
| promise to do something that one is already obligated to do. It is not a valid considereation |
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Term
| enforceable contracts w/out additional consideration |
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Definition
| contracts barred from court enforcement because of the running of the statute of limitations or the filing of bankruptcy. Both become newly enforceable with a reaffirmation after the statutory period or bankruptcy discharge without any additional consideration |
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Term
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Definition
| does each side support enough or fair amount of legal value? Exchange of consideration. If the exchange presented something of legal value, then there is sufficient consideration. |
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Definition
| does consideration exist at all? If both sides present something of legal value then it is adequate consideration. Both sides do not have to equal in value. |
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Term
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Definition
| What a person will receive in return for performing a contract obligation. Can be anything as long as it is the product of a bargained-for exchange. It consists of something of value given to another party in exchange for something else of value. |
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Term
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Definition
when you think you are in a contract, but really you're not. Person's performance is optional. ex: output contracts - a person agrees to sell somoneone all that they make requirements contract - person agrees to purchase everything they need from a specific person -optional b/c you dont have to make or buy anything |
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Term
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Definition
| a person's ability to enter into a contract |
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Term
| illegal primary restraint |
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Definition
| where the primary purpose is to restrain trade are generally unenforceable as a matter of public policy |
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Term
| thrid part beneficiary contracts |
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Definition
| contract is made w/ the purpose of benefitting the 3rd party (inteded beneficiary) |
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Definition
| obligations of performance to both parties by mutual assent. Get out of contract because obligations not met. Taking a “yes” back. Types of instances when contracts can be void or voidable |
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Definition
| physical force or threat such as a gun to the head. Free will is taken out of contract and therefore is considered VOID. |
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Definition
| statements that you are a ninny or that the product doesn’t work, etc. May have entered into contract due to the threats, but may stay in it because the contract is actually working for them. Makes the contract VOIDABLE. |
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Term
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Definition
| dominant person in the contract, that person is entrusted with property of another. Usually confidential relationship such as a doctor and patient, undue influence if the doctor gets the patient to enter into a contract they usually wouldn’t enter in to. Fiduciary relationship – specific statutes state that any time a person is in a dominant relationship they have duties to the other person. (Dominant/Subservient) VOIDABLE. |
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Definition
| try to induce to buy for example a car (50 mpg when really 25). Person tells lie to get a purchase VOIDABLE |
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Definition
| deals with contract process, may have no clue that you were signing the contract, did not knowingly accept VOID |
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Term
| Non fraudulent misrepresentation |
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Definition
| not lying, the person just does not exercise reasonable care in things they say. Don’t take time to really find out the facts VOIDABLE. |
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Definition
| both parties believe there is an exchange of a 2008 version of a car. B will always get out and A sometimes. VOIDABLE |
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Term
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Definition
| only one person involved. For example, buy a .3 karat ring vs. thinking it was a 3.0 karat ring. Usually unable to take the ring back because it was your fault, can’t get out of the mistake. If salesperson sells without making the corrections, meaning he knows but doesn’t say anything, than can be voidable but usually not the case |
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Term
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Definition
| A contract which no man in his senses, not under delusion, would make, on the one hand, and which no fair and honest man would accept, on the other |
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