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BLS test 3
Chapter 18-contracts in writing
14
Business
Undergraduate 3
11/29/2010

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Term
statute of frauds
Definition
state level legislation that addresses the enforceability of contracts that fail to meet the requirements set forth; serves to protect promisors from poorly considered oral contracts by requiring certain contracts to be in writing
Term
prenuptial agreement
Definition
agreement two parties enter into before marriage that clearly states the ownership rights each party enjoys in the other party's property
Term
secondary obligations
Definition
contracts within the statute involving promises to pay a debt; occurs when a party outside a primary agreement promises to fulfill one of the original party's obligations if the original party fails to fulfill his or her obligation
Term
primary obligations
Definition
debts incurred in an initial contract; not within the statute, doesnt need to be in writing
Term
main-purpose rule
Definition
if the main purpose for incurring a secondary obligation is to obtain a personal benefit, the promise does not fall within the statute and does not have to be in writing
Term
equal dignity rule
Definition
contracts that would normally fall under the statute and need a writing if negotiated by the principal must be in writing even if negotiated by an agent
Term
admission
Definition
statement made in court, under oath, or at some stage during a legal proceeding in which a party against whom charges have been brought admits that an oral contract existed, even though the contract was required to be in writing
Term
partial performance
Definition
if the buyer in an alleged contract for the sale of land has paid any portion of the sale price, has begun to permanently improve the land, or has taken possession of the land
Term
promissory estoppel
Definition
legal enforcement of an otherwise enforceable contract due to a party's detrimental reliance on the contract
Term
parol evidence rule
Definition
common law rule that specifically addresses the admissibility of oral evidence as it relates to written contracts; oral evidence of an agreement made prior to or contemporaneously with the written agreement is inadmissible when the parties intend to have a written agreement be the complete and final version of their agreement
Term
parol
Definition
speech or words; specifically words outside the original writing
Term
merger clause
Definition
a clause parties include in a written agreement within the statute of frauds that states that the written agreement accurately reflects the final, complete version of the agreement
Term
condition precedent
Definition
when an entire contract is conditioned on something occurring first
Term
integrated contracts
Definition
written contracts intended to be the complete and final representation of the parties' agreement
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