| A | B |
|---|
| breach of contract | a wrongful failure to perform one or more promises of a contract |
| perjury | making false statements under oath in court |
| statute of frauds | state law requiring that certain contracts be evidenced by a writing |
| memorandum | written evidence of an agreement |
| goods | consist of movable items, including specially manufactured items such as furniture and automobiles |
| real property | land and anything permanently attached to it |
| parol evidence rule | states that the evidence of oral statements made before signing a written agreement cannot be presented in court to change or add to the terms of that written agreement |
| best evidence rule | a court would look with disfavor at photocopies or carbon copies of the written agreement, preferring instead to see the original agreement. |
| duplicate originals | when a contract is reduced to writing, each party receives an original version of the contract. These originals are referred to as this. |
| Executory contract | contracts that are not yet fulfilled |
| Gratuitous | Free agreements which the law has always refused to enforce. |
| Consideration | the exchange of benefits and detriments by parties to an agreement |
| Benefit | something that a party was not previously entitled to receive |
| Detriment | any loss suffered. |
| forbearance | not doing something that you have the legal right to do |
| bargained-for-exchange | A promise is made in return for another promise, an act, or a promise not to act. |
| Unconscionable | when the courts believe that the consideration in a contract is completely out of line |
| Release | A signed agreement often in regards to an agreement not to sue |
| accord and satsifaction | If the creditor accepts a payment that is less thatn the amount due as full payment |
| Seal | a mark or an impression placed on a written contract indicating that the instrument was executed and accepted in a formal manner |
| promissory estoppel | a promise may be enforceable without consideration |
| option | when an offeree will give consideration to an offeror in exchange for a promise from the offeror to keep an offer open for a specific period of time |
| firm offer | irrevocable offer, must be signed by the offeror |
| illusory promise | agreements that appear to be bound contracts at first but in reality are not |
| past consideration | consideration that took place in the past or that is given for something that has already been done. |
| preexisting duties | if a person is already under a legal obligation to do something, a promise to do that same thing is not consideration. |
| Conspiracy | individuals who agree to commit crimes for a promised consideration |
| Divisible contracts | Courts may voids the parts that are not legal |
| In Pari Delicto | in equal fault |
| Usury | charging more than the maximum legal interest rate |
| Interest | fee borrower pays lender for using money |
| Truth in Lending Act | makes consumers aware of the cost of borrowing money |
| makes consumers aware of the cost of borrowing money | limitation on the full exercise of doing business with others |
| Restrictive Covenant | a promise not to compete |
| Price fixing | occurs when competition agree on certain price ranges within which to set their prices |
| Bid | offer to buy/sell goods at a stated price |
| Competitive Bidding | rivals submit bids for a project. |
| Minor | A person who has not reached the age of legal adulthood |
| Capacity | The legal ability to enter a contract |
| Aliens | People living in this country but owe their allegiance to another country - may have limitation with capcity to contract |
| Abandoned | When an emancipaed minor gives up the protectionn afforded to them as minors |
| Rebuttable Presumption | The presumption of a person's legal ability to enter into a contract |
| Emancipated | Minors who are no longer under the control of their parents and are responsible for their own contract |
| Minority | Age of person below the age of majority |
| Necessaries | Food, clothing, shelter, medical care |
| Ratify | Approve contracts made as a minor |
| Guardian | Someone who is appointed to protect the rights of a mentally impaired person or a child |
| Infancy | Another word for minority |
