Contract Terms Study (List 3)

tloparalegal's version from 2015-11-29 17:39


Question Answer
Summary JudgementJudgment rendered by a court in response to a motion made by one of the parties, claiming that the lack of a question of material fact in respect to an issue warrants disposition of the issue without consideration by a jury
RejectionThe refusal to accept the terms of an offer
Shrinkwrap licenseTerms of restriction packaged inside a product
RICORacketeer Influenced and Corrupt Organizations Act
Battle of FormsRefers to the exchange of forms pursuant to a contract for the sale of goods between a buyer and a seller
Parol Evidence RuleDoctrine precluding parties to an agreement from introducing evidence of prior or contemporaneous agreements in order to repudiate or alter the terms of a written contract.
ContemporanoueslyAt the same time
Replevinan action to recover personal property wrongfully taken
Extrinsic EvidenceEvidence that is not contained within the test of a document or contract but is derived from the the parties statements or the circumstances under which the agreement was made.
Four CornersThe express terms of a written document
Under enforcementthe failure of the legal system to enforce a legitimate exercise of assent
Over enforcementthe erroneous enforcement of an alleged exercise of assent that in fact never occurred.
Quantum MeruitEquitable Doctrine allowing recovery for labor and materials provided by one party even though no contract was entered into, in order to avoid unjust enrichment by the benefitted party.
Expectation DamagesDamages awarded in actions for non-performance of a contract which are calculated by subtracting the injured parties actual dollar position as a result of the breach from that party’s expected dollar position had the breach not occurred.
Part performancePartial performance of a contract, promise or obligation
EstoppelAn equitable doctrine precluding a party from asserting a right to the detriment of another, who justifiably relied on the conduct.
AssignmentA transaction in which a party conveys his or her entire interest in a property to another.
Adequate AssurancesRefers to a situation in which one party is excused from performance of his obligations under a contract f the other party to the contract indicates that he does not intend to perform when the time for performance thereunder arrives; the non-breaching party in that case is excused from further performance unless he receives adequate assurances that performance will be rendered.
ObligeePromisee; a party who is the recipient of a promise or obligation to perform
Dismissal with PrejudiceA final determination of an action without trial on the merits and prohibiting the parties from brining the same action at a later date.
Foreclosure SaleTermination of an interest in a property, unusually initiated by a lienholder upon failure to tender mortgage payments, resulting in the sale of the property in order to satisfy the debt.
AgentAn individual who has the authority to act on behalf of another.
PrincipalA person or entity who authorizes another, the agent,, to act on it’s behalf and subject to it’s authority to the extent that the principal may be held liable for the actions of the agent.
Judgment N.O.VA judgement entered by a trial judge reversing a jury verdict if the jury;s determination has no basis in law or fact.
Actual Authorityexists when the principal, expressly or implicitly, gives the agent power to act.
Inherent Authorityarises solely from the principals designation that a particular type of agent ordinarily possesses certain powers.
Apparent Authorityarises when a principal acts in such a manner as to convey the impression to a third party that an agent has certain power which the agent may or may not actually possess.
Donee beneficiaryA third party, not a party to a contract but for whose benefit the contract is entered with the intention that the benefits derived therefrom be bestowed on the persona as a gift.
Intended beneficiaryA third party who is the recipient of the benefit of a transaction undertaken by another.
Third –Party beneficiaryA party who benefits from the promise made pursuant to contract even though he is not a party to the agreement.
Creditor BeneficiaryA creditor who received the benefits of a contract between a debtor and another party, pursuant to which the other party is obligated to tender payment to the creditor.
Consequential DamagesMonetary compensation that may be recovered in order to compensate for injuries or losess sustained as a result of damages that are not the direct or foreseeable result or act of the party, but that nevertheless are the consequence of such act which must be specifically pled and demonstrated.
CureIn a commercial transaction, the seller has the right to correct a delivery of defective goods within the time originally provided for performance as specified in the contract.
RemittiturA ruling by a judge (usually upon motion to reduce or throw out a jury verdict) lowering the amount of damage granted by a jury in a civil case. Usually this is because the amount awarded exceeds the amount demanded.
Expectation DamagesDamages awarded actions for non-performance of a contract, which are calculated by subtracting the injured party’s actual dollar position as a result of the breach from the party’s expected dollar position had the breach not occurred.
Reliance DamagesThe injury suffered by a party to a breached contract as the result of that party’s dependence on the agreement.
Lost ProfitsThe potential value of income earned or goods which are the subject of the contract; may be used in calculating damages where the contract has been breached.
Executory ContractA contract in which performance of an obligation has yet to be rendered.
RepudiationThe actions or statements of a party to a contract that evidence his intent not to perform, or to continue performance of, his duties and obligations thereunder.
Liquidated DamagesAn amount of money specified in a contract representing the damages owed in the event of a breach.
Mitigation of DamagesA plaintiff’s implied obligation to reduce the damages incurred by taking reasonable steps to prevent additional injury.
RestitutionThe measure of damages for a failure to deliver goods is the amount advanced to the buyer, plus interest. ***look to make aggrieved party whole, avoid unjust enrichment
Implied ContractAn agreement between parties that may be inferred from their general course of conduct.
Promissory EstoppelA promise that is enforceable fi the promisor should reasonably expect that si will induce action or forbearance on the part of the promissee, and does in fact cause such an action or forbearance, and it is the only means of avoiding injustice.
Delegation :The authorization of one person to act on another’s behalf.

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