Shared Flashcard Set

Details

465-Exam 1 Vocab
Vocab
45
Law
Undergraduate 4
02/13/2013

Additional Law Flashcards

 


 

Cards

Term
ADHESION CONTRACT
Definition
A type of contract, a legally binding agreement between two parties to do a certain thing, in which one side has all the bargaining power and uses it to write the contract primarily to his or her advantage.
Term
AGENT
Definition
a person who acts on behalf of another
Term
IMPLIED AUTHORITY
Definition
implied ability of an individual to make a legally binding contract on behalf of an organization, by way of uniform or interaction with the public on behalf of that organization
Term
ACTUAL/EXPRESS AUTHORITY
Definition
The legal authority a person has as the result of a law or contract
Term
ANTICIPATORY REPUDIATION
Definition
anticipatory breach; In contracts, a declaration in which one party stops performing his/her obligations
Term
BOND
Definition
an insurance policy held by a company, which protects against losses resulting from circumstances such as bankruptcy or misconduct by employees
Term
BREACH OF STANDARD OF CARE
Definition
In tort law, the standard of care is the degree of prudence and caution required of an individual who is under a duty of care.
Term
CAPACITY TO CONTRACT
Definition
Capacity to contract means the legal competence of a person to enter into a valid contract.
Term
CONTRACT
Definition
A SET OF PROMISES
Term
OFFER
Definition
an expression of willingness to contract on certain terms, made with the intention that it shall become binding as soon as it is accepted by the person to whom it is addressed
Term
ACCEPTANCE
Definition
one person's compliance with the terms of an offer made by another
Term
CONSIDERATION
Definition
anything of value promised to another when making a contract
Term
CONTRACTUAL PRIVITY
Definition
a contract cannot confer rights or impose obligations arising under it on any person or agent except the parties to it; the premise is that only parties to contracts should be able to sue to enforce their rights or claim damages as such
Term
COURSE OF DEALINGS
Definition
A clearly recognizable pattern of previous conduct between parties to a business transaction
Term
DESIGN PROFESSIONAL
Definition
A term used generally to refer to architects; civil, structural, mechanical, electrical, plumbing, and heating, ventilating, and air conditioning engineers; interior designers; landscape architects; and others whose services have wither traditionally been considered "professional" activities, require licensing or registration by the state, or otherwise require the knowledge and application of design principles appropriate to the problem at hand.
Term
DURESS
Definition
threats, violence, constraints or other action brought to bear on someone to do something against their will own better judgment
Term
DUTY TO COOPERATE
Definition
a task or action that a person is bound to perform for moral or legal reasons
Term
ESTOPPEL
Definition
A legal principle that bars a party from denying or alleging a certain fact owing to that party's previous conduct, allegation, or denial
Term
EXPRESS NEGLIGENCE
Definition
parties seeking to indemnify the indemnitee from the consequences of its own negligence must express that intent in specific terms [and] the intent of the parties must be specifically stated within the four corners of the contract
Term
FIDUCIARY ACT
Definition
An individual in whom another has placed the utmost trust and confidence to manage and protect property or money. The relationship wherein one person has an obligation to act for another's benefit.
Term
GENERAL CONTRACTOR
Definition
a person who contracts for and assumes responsibility for completing a construction project and hires, supervises, and pays all subcontractors
Term
IMPRACTICABILITY
Definition
impossible in practice to do or carry out
Term
INDEMNITY
Definition
security against or exemption from legal responsibility for one's actions
Term
ILLUSORY CONTRACT
Definition
In such contracts one party gives as consideration a promise that is so insubstantial that it would not result in or impose any obligations
Term
MITIGATION
Definition
the action of reducing the severity, seriousness, or painfulness of something
Term
MUTUAL MISTAKE
Definition
An error of both parties to a contract, whereby each operates under the identical misconception concerning a past or existing material fact
Term
NEGLIGENCE
Definition
failure to use reasonable care, resulting in damage or injury to another
Term
NOVATION
Definition
the substitution of a new contract in place of an old one
Term
NULLIFY
Definition
make null and void; invalidate
Term
ORDER OF PRECEDENCE
Definition
a sequential hierarchy of nominal importance of items; used/referred to when two or more conflicting cannot be harmonized
Term
OWNER
Definition
a person who owns something
Term
PAROLE EVIDENCE
Definition
Verbal evidence, such as the testimony of a witness at trial
Term
PRIVITY
Definition
relation between two parties that is recognized by law, such as that of blood, lease, or service
Term
RATIFICATION
Definition
sign or give formal consent to (a treaty, contract, or agreement), making it officially valid
Term
RESCISSION
Definition
the revocation, cancellation or repeal of a law, order, or agreement
Term
REFORMATION
Definition
the action or process of reforming an institution or practice
Term
REPUDIATION
Definition
refusal to fulfill or discharge an agreement, obligation, or debt
Term
RESTITUTION
Definition
the restoration of someting lost or stolen to its proper owner
Term
RETAINAGE
Definition
The amount that a construction company is owed but is not paid until a project is completed and passes muster with the client
Term
SATISFACTION CLAUSE
Definition
if a reasonable person would be satisfied by the promisee's performance, regardless of whether the promisor himself asserts he is satisfied
Term
STATUTE OF FRAUDS
Definition
A type of state law, modeled after an old English Law, that requires certain types of contracts to be in writing
Term
STATUTE OF LIMITATION
Definition
A type of federal or state law that restricts the time within which legal proceedings may be brought
Term
SUBCONTRACTOR
Definition
a business or person that carries out work for a company as part of a larger project
Term
SURITIES
Definition
a personal who takes responsibility for another's performance of an undertaking, for example their appearing in court or the payment of a debt
Term
VENUE
Definition
a place where something happens, especially an organized event such as a concert, conference, or sports event
Supporting users have an ad free experience!