Term
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Definition
| there must be bargaining that leads to an exchange between parties |
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Term
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Definition
| the person who makes the promise |
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Term
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Definition
| the person to whom a promise is made |
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Term
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Definition
| not really a promise, not consideration |
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Term
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Definition
| the buyer agrees to purchase 100% of the goods from the seller |
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Term
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Definition
| the seller guarantees to sell 100% of its output to one buyer and the buyer agrees to accept the entire quantity |
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Term
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Definition
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Term
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Definition
| there is no dispute about the money owed |
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Term
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Definition
| Disputed because parties disagree over existence or amount |
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Term
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Definition
| a completed agreement to settle a debt for less than the sum claimed |
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Term
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Definition
| prohibit charging excess interest on loans |
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Term
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Definition
| to be valid, an agreement not to compete must be ancillary to a legitimate bargain |
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Term
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Definition
| a contract provision that attempts to release one party from liability in the event the other is injured |
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Term
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Definition
| giving possession and control personal property to another person |
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Term
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Definition
| creates a bailment by delivering goods to another |
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Term
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Definition
| a person who rightfully posses goods belonging to another |
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Term
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Definition
| one party uses its superior power to force a contract on the weaker party |
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Term
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Definition
| a contract a court refuses to enforce because of fundamental unfairness |
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Term
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Definition
| standard form contracts prepared by one party and presented to the other on a "take it or leave it" basis |
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Term
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Definition
| to give notice of refusal to be bound by an agreement |
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Term
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Definition
| restoring an injured party to its original position |
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Term
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Definition
| a factually incorrect statement made during contract negotiations |
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Term
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Definition
| occurs when both parties negotiate based on the same factual error |
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Term
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Definition
| occurs when only one party enters a contract under a mistake assumption |
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Term
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Definition
| an improper threat made to force another party to enter into a contract |
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Term
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Definition
| the injured party must have a relationship with each other of trust or dominance and improper persuasion by the stronger party must occur |
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Term
| agreements that must be in writing |
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Definition
| interent in land. cannot be performed within a year. to pay the debt of another. executor of estate. in consideration of marriage. sale of goods worth $500 or more |
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Term
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Definition
| if a promisor makes an oral promise that should reasonably cause the promisee to rely on it, the promisee may be able to enforce the promise |
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Term
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Definition
| a writing that the parties intend as final, complete expression of their agreement |
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Term
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Definition
| someone who may enforce a contract made between two other parties |
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Term
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Definition
| someone who might have benefited from a contract between two others but has no right to enforce that agreement |
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Term
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Definition
| transferring contract rights |
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Term
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Definition
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Term
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Definition
| one made as a gift for no consideration |
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Term
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Definition
| a legal right in personal property that assures payment |
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Term
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Definition
| a three way agreement in which the obligor transfers all rights and duties to the third party |
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