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test 3 chapter 11
N/A
36
Law
Undergraduate 3
05/11/2011

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Term
voidable contracts
Definition
mistake, fraud, duress, undue influence.
Term
genuineness of assent (def)
Definition
requirement that parties assent to a contract be genuine
Term
genuiness of assent is an issue in the areas of
Definition
mistake, misrepresentation, duress, and undue influence.
Term
unilateral mistake (def)
Definition
one party is mistaken about the material fact regaurding subject matter of contract.
Term
3 situations where unilateral mistake may not be enforced
Definition
one party makes unilateral mistake of fact and other party knows or should have known, due to mathmatical error that is not result of gross negligence, mistake is so serious that enforcing contract would be unconscionable
Term
Duress (def)
Definition
one party threatens to do some wrongful act unlesss the other person enters into the contract.
Term
undue influence (def)
Definition
unfair persuasion
Term
statute of frauds (def)
Definition
requires certain types of contracts to be in writing.
Term
contracts that must be in writing
Definition
mortgages, lease, interest in land, easement (servitude or right of way), takes longer than a year, collateral promise (cosign), $500 or more.
Term
UCC statute of frauds
Definition
sale of goods costing $500 or more must be in writing.
Term
equal dignity rule
Definition
agents contracts to sell property covered by statute of frauds must be in writing to be enforcable.
Term
promissory estoppel or equitable estoppel
Definition
permits enforcement of oral contracts that should have been in writing to prevent injustice
Term
3 conditions to make an oral promise enforcable under promissory estopppel
Definition
promises induces action by another, reliance on the oral promise was forseeable, injustice can only be avoided by enforcing oral promise.
Term
covenant (def)
Definition
unconditional promise to perform
Term
Force majeure (def)
Definition
acts of God, hurricane.
Term
condition precedent (def)
Definition
requires occurence of an event before a party is obligated to perform a duty.
Term
condition subsequent (def)
Definition
a condition, if it occurs, that automaticallyexcuses the performance of an existing duty to perform.
Term
Novation (def)
Definition
an agreement that substitutes a new party for one of the original parties.
Term
accord (def)
Definition
parties afree to accept something different in satisfaction of the original contract.
Term
satisfaction (def)
Definition
performance of an accord.
Term
Commercial impractibility
Definition
excused nonperformance due to extreme or eunexpected development or expene that makes it impractical for promisor to perform.
Term
3 types of performance contracts
Definition
complete performance, substantial performance (minor breach), inferior performance (material breach)
Term
compensatory damages
Definition
compensate non breaching party for loss of bargain (extra 1000 dollars a month)
Term
consequential damages
Definition
loss in profit.
Term
liquidated damages (def)
Definition
agreeement in advance as to how much is payable if contract is breached.
Term
punitive damages
Definition
damages awarded to punish the defendant.
Term
mitigation (def)
Definition
non breaching party must avoid or reduce damages caused by breach of contract.
Term
rescission (def)
Definition
action to undo a contract
Term
restitution (def)
Definition
return goods recieved in order to rescind a contract.
Term
unconscionability
Definition
courts may deny enforcement of unfair or oppressive contracts.
Term
must be proven to show that a contract is unconscionable...
Definition
severely unequal bargaining power, domanant party used that power to obtain unfair contract terms, adhering party had no reasonable alternative.
Term
equitable remedies
Definition
awarded by judge where there has been a breach of contract and legal remedy is not adequate or judge wants to prevent unjust enrichment.
Term
most common equitable remedies
Definition
specific performance, reformation, quasi contract, injunction.
Term
reformation (def)
Definition
court rewrites contract to express the parties true intentions
Term
quasi contract
Definition
permits recovery of resonable compensation even though no enforcable contract exhists.
Term
injunction
Definition
court order that prohibits person from doing a certain act.
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