Term
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Definition
| Value given by one party in exchange for performance, or a promise to perform, by another party |
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Term
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| Dependance on a fact that causes a party to act (or refrain from acting) |
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Term
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Definition
| A promise that is enforceable if the promisor should reasonably expect that it will induce action or forbearance on the part of the promisee, and does in fact cause such action or forbearance, and it is the only means of avoiding injustice |
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Definition
| A requirement of a valid contract that the parties possess a mutuality of assent as manifested by the terms of the agreement and not by a hidden intent |
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Term
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Definition
| An agreement pursuant to which each party promises to undertake an obligation, or to forbear from acting |
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Term
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Definition
| An agreement pursuant to which a party agrees to act, or to forbear from acting, in exchange for performance on the part of the other party |
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Definition
| An equitable remedy whereby the court requires the parties to perform their obligations pursuant to a contract |
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Term
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Definition
| Refraining from doing something that one has the legal right to do so |
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Definition
| A contract pursuant to which a seller agrees that property will be available for the buyer to purchase at a specified price and within a certain time period |
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Term
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Definition
| A promised promise to undertake performance of an action, or to refrain from acting, that is to become binding upon acceptance by the offeree |
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Term
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Definition
| Assent to the specified terms of the offer resulting in the formation of a binding agreement |
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Term
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Definition
| The cancellation or withdrawal of some authority conferred or an instrument drafted, such as the withdrawal of a revocable contract offer prior to the offeree's acceptance |
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Term
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Definition
| A mistake by both parties to a contract, who are in agreement as to what the contract terms should be, but the agreement as written fails to reflect the common intent; such contracts are voidable and subject to reformation |
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Term
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Definition
| The return or restoration of what the defendant has gained in a transaction to prevent the unjust enrichment of the defendant |
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Term
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Definition
| The unlawful acquisition of money or property of another for which both law and equity require restitution to be made |
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Term
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Definition
| The refusal to accept the terms of an offer |
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Term
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Definition
| Places the aggrieved party in the same position as they would have been if the contract been performed as promised |
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Term
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Definition
| Places the aggrieved party in the same position as they would have been had the contract not been made |
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Term
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Definition
| Places the breaching party in the same position as they would have been had the contract not been made |
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Term
| Contract-Market Differential |
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Definition
| The difference between the contract price and the market price at the time and place of delivery |
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Term
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Definition
| The common law rule that states that for acceptance to be effective, the offeree must accept each and every term of the offer |
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Term
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Definition
| Damages plaintiff incurs in handling the breach |
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Term
| Direct (or variable) cost |
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Definition
| Cost incurred solely in the process of and for the purpose of performing |
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Term
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Definition
| Damages meant to compensate the plaintiff for loss or injury suffered in other transactions that were dependent on this contract, or for loss or injury otherwise caused by the breach |
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Term
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Definition
| Limitations on damages that results if the plaintiff, through bad faith or unreasonable action (or inaction) has failed to prevent or has aggravated her damages, the defendant is not held responsible for the increase in loss caused by the plaintiff |
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Term
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Definition
| Limitation on damages that relates to the concept that, unless the other party has some reason to know that her breach will have an impact beyond the simple deprivation of immediate contract performance, it is not fair to hold her accountable for such consequential losses |
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Term
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Definition
| Damages that arise naturally, in the ordinary course |
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Term
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Definition
| These are non-foreseeable damages that must be communicated at the time of contract formation, or otherwise, it would not be fair to hold him liable for damage to it because he had no basis for expecting the loss |
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Term
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Definition
| A manufacturer who has infinite capacity for demand and any breach of contract results in loss of sale |
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Term
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Definition
| A provision in a contract under which the parties agree that, in the event of a breach by one of the parties, the breacher will pay damages in a specified sum or in accordance with a prescribed formula |
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Term
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Definition
| A court order that either compels the defendant to perform a specified act, or prohibits a defendant from performing a specified act |
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