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Contracts Final
Chapters 4, 5 & 6
20
Law
Graduate
12/04/2009

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Cards

Term
Undue Influence
Definition
The improper use of power or trust in a way that deprives a person of free will or substitutes another's objective.
Term
Unconscionable
Definition
An adjective which describes conduct that lacks conscience or affronts the sense of justice, decency or reasonableness.
Term
Restitution
Definition
A body of substantive law in which liability is based not on tort or contract but on the defendant's unjust enrichment. The set of remedies encompasses measures of recovery usually based not on the plaintiff's loss, but defendant's gain.
Term
Recission
Definition
The unilateral unmaking of a contract for a legally sufficient reason, such as the other party's material breach, or a judgment voiding the contract. It is generally available as a remedy/defense for a nondefaulting party and is accompanied by restitution of any partial performance, thus restoring the parties to their pre-contract positions
Term
Quid pro quo
Definition
Latin for "something for something." It means an action/thing that is exchange for an action or thing or more or less value.
Term
Psychogenic
Definition
An adjective that means originating in the mind or in mental or emotional conflict.
Term
Promissory Estoppel
Definition
The principle that a promise made without consideration may nonetheless be enforced to prevent injustice if the promisor should have reasonably expected the promisee to rely on the promise, and if the promisee did actually rely on the promise to his or her detriment.
Term
Promise made in recognition of a past benefit
Definition
A promise based on past consideration without a new consideration, but is nonetheless enforceable to the extent necessary to prevent injustice if the past consideration materially benefitted the promisor.
Term
Pre-existing legal duty doctrine
Definition
States that the performance of a legal duty owed to a promisor which is neither doubtful nor the subject of honest dispute is not consideration.
Term
Parole evidence rule
Definition
The common-law principle that a writing intended by the parties to be a final embodiment of their agreement cannot be modified by evidence of earlier or contemporaneous agreements that might add to, vary, or contradict the writing.
Term
Option contract
Definition
A promise which meets the requirements for the formation of a contract and limits the promisor's power to revoke the offer.
Term
Nullification
Definition
The act of making something void.
Term
Doctrine of moral consideration
Definition
Provides that a new promise to pay for a past debt is enforceable, even though the new promise is not supported by bargained for consideration.
Term
Mistake
Definition
A belief that is not in accord with the facts
Term
Material benefit rule
Definition
A doctrine that permits enforcement of a promise without present consideration where the promise is made in recognition of a benefit previously conferred on the promise by the promisee, and enforcement is needed to prevent injustice.
Term
Integration clause
Definition
A contractual provision stating that the contract represents the parties' complete and final agreement, and supercedes all informal understanding and oral agreements relating to the subject matter of the contract.
Term
Duress
Definition
A threat of harm made to compel a person to do something against his or her will or judgment; especially a wrongful threat made by one person to compe a manifestation of seeming assent by another person to a transaction without real volition. It is recognized as a defense to a claim of contractual breach.
Term
Constructive Trust
Definition
An equittable remedy that a court imposes against one who has obtained property by wrongdoing, to prevent unjust enrichment. It creates no fiduciary relationship and is not really a trust.
Term
Consideration
Definition
Something (such as an act, forebearance or a return promise) bargained for and received by a promisor from a promisee which motivates a person to do something.
Term
Collateral
Definition
Property that is pledged as security against a debt.
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