| A | B |
|---|
| Accord | agreement between the parties to a contract to change the obligation required |
| Bid rigging | competitors' agreement that one bidder will have the lowest bid for a particular job |
| Blue-sky laws | laws prohibiting the sale of worthless stocks and bonds |
| Collateral promise | promise to pay a debt or default of another |
| Competency license | state requirement for people in certain occupations and businesses to pass exams and receive a license |
| Compounding a crime | accepting something of value for a promise not to inform on or prosecute a suspected criminal |
| Contract of adhesion | contract in which the more powerful party dictates all the important terms |
| Delegation of duties | turning over to another party one's duties under a contract |
| Divisible contracts | contracts for which separate consideration is given for the legal and illegal parts |
| Executed contract | contract that has been fully performed |
| Executory contract | contract that has not been fully performed |
| Legal rate of interest | rate specified by statute when interest is called for but no percentage is stated in the contract |
| Legal tender | currency or coins |
| License | in real property, a temporary, revocable right to some limited use of another's land |
| Liquidated damages | damages agreed upon before a possible breach of contract |
| Lottery | game involving the three elements of prize, chance, and consideration |
| Main purpose rule | exception to a Statute of Frauds provision making a third party liable for an oral promise to pay another's debt if the main purpose of the promise serves the promisor's own interest |
| Nominal damages | token amount awarded when rights have been violated but there is no actual injury |
| Novation | contractual party's release of the other party from the duty of performance and the acceptance of a substitute party |
| Parol evidence | spoken words inadmissible in court |
| Parol evidence rule | oral testimony cannot be used to contradict terms in a complete, final, written contract |
| Price fixing | competitors agree to charge the same amount for a product or service |
| Primary promise | promise to pay another's debt that is not conditioned upon the other person's failure to pay |
| Procedural defense | defense based on problems with the way evidence is obtained or the way the accused person is arrested, questioned, tried, or punished |
| Procedural unconscionability | element of unconscionability shown by how the contract is created |
| Quasi contract | obligation that is enforced as if it were a contract in order to prevent unjust enrichment of one party |
| Resale price maintenance | manufacturer attempts to influence the retail price of its product |
| Revenue license | required license imposed by governments on certain occupations for the sole purpose of raising money |
| Satisfaction | performance of the new contractual obligation parties have agreed to substitute for their original obligation |
| Statute of Frauds | law stating that certain agreements are not enforceable in court unless they are evidenced by a signed writing |
| Substantive unconscionability | element of unconscionability established by the terms of the agreement |
| Substitution | parties' replacement of their original contract with a new contract |
| Unconscionable | term or contract that, under the UCC, is grossly unfair and oppressive |
| Unconscionable contract | grossly unfair contract for the sale of goods |
| Usury | lending money at a rate higher than the state's maximum allowable rate |
| Wager | bet on the uncertain outcome of an event |
