Vocabulary

assent of buyer to become owner of goods; assent to an offer resulting in a contract; drawee's signed agreement to pay draft

person making an assignement

person to whome contract right is assigned

amount equal to the loss sustained

sum fixed by contract for breach where actual damages are difficult to measure

amount paid to one party to punish the other

small amount awarded when there is technical breach but no injury

Compensatory, liquidated, punitive and nominal

when all of multiple creditors settle in full for a fraction of the amount owed

what proisor requires as the price for a promise

legally enforceable agreement

Contracts made by intoxicated people

offeree's response that rejects offer by varying it's terms

person to whom promisee owes obligation, which is discharged if promisor preforms

third-party beneficiary for whom performance is a gift

person who unintentionally benefits from performance of contract

sum of money a wrongdoer must pay to an injured party

obligation to pay money

breach of contractual obligation

transfer of duties

repudiation of a voidable contract

third-party beneficary for whom performance is a gift

obtaining consent by means of a threat

fully performed contract

contract nor fully carried out

contract the terms of which are specified in words

refaining from doing something

inducing another to contract as a result of an intentionally or recklessly false statement of a material fact

contract obligating or entitling two or more people together to performance

is one in which two or more persons are bound both jointly and severally

two or more people individually agree to perform obligation

intrest rate applied when no rate specified

highest legal rate of intrest

false statement of a material fact

mistake by both parties to a contract

items required for living at a reasonable standard

termination of a contract and substitution of a new one with same terms but new party

a proposal to make a contract

person to whom offer is made

person who makes an offer

a proposal to make a contract

oral testimony

substitute for consideration when another acts in reliance on promisor's promise

imposition of rights and obligations by law without a contract

approval of unauthorized act; adult indicating contract made while a minor is binding

obligation entered into before a court to do an act required by law

judicial correction of a contract

• 1. the offer must be definite
• 2. it must appear to be seriously intended
• 3. it must be communicated to the offeree

set aside or cancel

carrying out the terms of contract

law requiring certain contracts to be in writing

time within which right to sue must be exercised by stock

offer to perform in satisfaction terms of contract

person in special relationship causing another's action contary to free will

mistake by one party to a contract

one benifiting unfairly at another's expense

charging higher rate of intrest than law allows

an agreement with no legal effect is voidable,it's also not enforeable in a court of law.

enforceable agreement that may be set aside by one party

a general rule, a promise must be supported by consideration. charitable enterprises are financed by voluntary subscriptions of many persons, the promise of each person is generally held to enforceable. When a number of people make pledges to or subscribe to a charitable association or to a church, for example, the pledges or subscriptions are binding.