Contract & Tort Def Chapter #6

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  1. accord and satisfaction
    a means of discharging a contract whereby the parties agree to accept some form of compromise or settlement instead of performance of the original terms of the contract
  2. assignee
    a party to whom rights under a contract have been assigned by way of an assignment
  3. assignment
    a transfer by one party of his or her rights under a contract to a third party
  4. assignor
    a party who assigns his or her rights under a contract to a third party
  5. beneficiary
    a person who is entitled to the benefits of an agreement entered into between two or more other parties
  6. chose in action/thing in action
    an intangible right of ownership in a tangible thing that carries the right to take legal action on it— for example, debts, insurance policies, negotiable instruments, contract rights, patents, and copyrights
  7. condition precedent
    an event (or non-event) that must occur (or not occur) before a contract can be enforced
  8. condition subsequent
    an event that, if it occurs, will terminate an existing contract
  9. constructive trust
    a trust created by the operation of law, as distinguished from an express trust
  10. discharged
    released, extinguished; a discharge of a contract occurs when the parties have complied with their obligations or other events have occurred that release one or both parties from performing their obligations
  11. doctrine of laches
    a common-law doctrine that states that the neglect or failure to institute an action or lawsuit within a reasonable time period, together with prejudice suffered by the other party as a result of the delay, will result in the barring of the action
  12. due diligence
    • he attention and care that a reasonable person would exercise with respect to his or her concerns; the obligation to make every reasonable effort to meet one’s obligations
    • express trust
  13. legal tender
    notes (bills) issued by the Bank of Canada and coins issued by the Royal Canadian Mint, subject to certain restrictions
  14. material alteration
    a change in a contract that changes its legal meaning and effect; a change that goes to the heart or purpose of the contract
  15. merger
    the discharge of one contract by its replacement with, or absorption into, an identical contract
  16. novation
    requirement that the parties to a contract agree to substitute a new contract for an existing one, thereby terminating the existing contract
  17. null and void
    • of no force, validity, or effect
    • option to terminate : a term in a contract that allows one or both parties to discharge or terminate the contract before performance has been fully completed
  18. privity
    the relationship that exists between the parties to a contract
  19. setoff
    n an action for debt, a defence in which the debtor admits that he or she owes a debt to the creditor but also claims that the creditor owes a debt to him or her, and uses this reasoning to cancel or reduce the debt owed to the creditor
  20. tender of performance
    offering to perform that which the contracted party is obligated to perform under a contract
  21. trust
    a legal entity created by a grantor for a beneficiary whereby the grantor transfers property to a trustee to manage for the benefit of the beneficiary
  22. trustee
    • a person who holds property in trust for, or for the benefit of, another person
    • vicarious performance : the performance of obligations under a contract by a third party in circumstances in which the original party remains responsible for proper performance
  23. waiver
    1. a voluntary agreement to relinquish a right, such as a right under a contract 2. a form of express written consent
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Contract & Tort Def Chapter #6
Contract & Tort Chapter #6
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