Term
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Definition
| Governs commercial transactions, sales of goods, commercial paper, bank deposits, warehouse recites, bills of lading, investment securities, and secured transactions. |
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Term
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Definition
| Transfer of title to goods from seller to buyer for a price. |
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Term
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Definition
| Tangible personal property. |
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Term
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Definition
| a binding agreement that the courts will enforce. |
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Term
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Definition
| Failure to properly perform a contractual obligation. |
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Term
| 4 Requirements of a contract |
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Definition
1. Mutual Assent 3. Legality of Object
2. Consideration 4. Contractual Capacity. |
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Term
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Definition
| The parties to a contract must manifest by words or conduct that they have agreed to enter into a contract. Offer and Acceptance. |
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Term
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Definition
| Each party to a contract must intentionally exchange a legal benefit or incur a legal detriment as and inducement to the other party to make a return exchange. |
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Term
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Definition
| Parties to a contract must have contractual capacity. |
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Term
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Definition
| Contract where agreement of the parties is inferred from their conduct. |
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Term
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Definition
| Agreement of parties that is stated in words either in writing or orally. |
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Term
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Definition
| both parties exchange promises. |
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Term
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Definition
| Contract in which only one party makes a promise. |
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Term
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Definition
| Contract that meets all of the requirements of a binding contract. |
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Term
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Definition
| an Agreement without legal effect |
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Term
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Definition
| Contract for the breach of which the law does not provide a remedy. |
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Term
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Definition
| Contract fully performed by all parties. |
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Term
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Definition
| Contract not fully performed. |
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Term
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Definition
| Doctrine enforcing noncontractual promises where there has been justifiable reliance on the promise and justice requires enforcement. |
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Term
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Definition
| Obligation not based on contract that is imposed to avoid injustice. |
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