Contract Terms Study (List 2)

tloparalegal's version from 2015-11-29 17:28


Question Answer
MistakeAn act or failure to perform due to a lack of knowledge or a misconception as to a law or fact.
Mutual AssentA requirement of a valid contract that the parties possess a mutuality of assent as manifested by the terms of the agreement and not by hidden intent.
Mutual Mistakea mistake by which 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 that common intent; such contracts are voidable or subject to reformation
Unilateral MistakeOccurs when only one party to an agreement makes a mistake and is generally not a basis for relief by rescission or reformation.
Restrictive CovenantA promise contained in a deed to limit the uses to which the property will be made.
Fair DealingAn implied warranty that the parties will deal honestly in the satisfaction of their obligations and without an intent to defraud.
Material Terms of ContractA fact without the existence of which a contract would not have been entered.
Material TermA contractual term that is an essential part of the agreement, to the extent that it’s omission from performance can be construed as a breach of the contract.
ConsiderationValue given by one party in exchange for performance, or a promise to perform, by another party.
Requirements ContractAn agreement pursuant to which one party agrees to purchase all of his required goods or services from the other party exclusively for a specified time period.
IndefinitenessIndeterminable; not definite or permissible; a contract is void for indefiniteness when it’s terms are so uncertain as to render it incapable of being enforced.
Bi-Lateral ContractAn agreement pursuant to which each party promises to undertake and obligation, or to forbear from acting at some time in the future.
Forum Selection ClauseProvision contained in a contact setting forth the particular forum in which the parties would resolve a matter if a dispute were to arise.
Personal JurisdictionThe courts authority over a person or parties in a lawsuit.
UnconscionabilityRule of law whereby a court may excuse performance of a contract or of a particular contract term if it determines that such terms are unduly oppressive or unfair to one party of the contract.
Breach of ContractUnlawful failure by a party to perform it’s obligations pursuant to a contact.
Class ActionA suit commenced by a representative on behalf of an ascertainable group that is too large to appear in court, who shares a commonality of interests and who will benefit from a successful result.
ContractAn agreement pursuant to which a party agrees to act, or to forebear from acting, in exchange for performance on the part of the other party.
Motion to Dismiss Motion to terminate a trial based on the adequacy of the pleadings
NoticeCommunication of information to a person by an authorized person or an otherwise proper source.
VenueThe specific geographic location over which a court has jurisdiction to hear a suit.
Mirror Image RuleThe common law rule that for acceptance to be effective, the offeree must accept each and every term of the offer.

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