Contract and Tort Law Definition Chapter#4

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  1. affidavit of execution
    a sworn statement in writing, signed by the witness to a contract, stating that the witness was present and saw the person signing the contract actually sign it; the affidavit can be used to prove that a party to a contract actually signed i
  2. formal contract
    contract that is in writing and sealed by any party who is a promisor (which may be one or both parties); formal contracts are also called “deeds,” and in English law are sometimes referred to as “covenants”
  3. guarantee
    a promise by a third party to pay the debt of another person if that person fails to pay the debt when it is due
  4. guarantor
    a third party who gives a guarantee to the creditor of another person
  5. minor
    at common law, an individual under the age of 21; minority status has also been defined by statute law, lowering the age of majority to 18 or 19 in most provinces
  6. persons under mental disability
    a general term that includes persons who are delusional and insane so as to be a danger to themselves and others, and those who, while not insane and dangerous, lack the ability to manage their own affairs
  7. restraint of trade
    practices that are designed to artificially maintain prices, eliminate competition, create a monopoly, or otherwise obstruct the course of trade and commerce
  8. restrictive covenant
    provision in a contract that prohibits certain activities or uses of property
  9. simple contract
    a contract that can be oral or in writing and that is not a formal contract
  10. void ab initio
    invalid from the beginning; no rights can arise under a contract that is void ab initio
  11. voidable contract
    a contract that may be avoided or declared void at the option of one party to the contract; once it is declared invalid no further rights can be obtained under it, but benefits obtained before the declaration are not forfei
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Contract and Tort Law Definition Chapter#4
Contract and Tort Law Definition Chapter#4
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