Fall Final Exam Vocab Flashcards
(87 cards)
consideration
what is being exchanged in the contract
offeror
person who makes an offer
counteroffer
offer made instead of the original offer—once counteroffer is made, the original offer is void, and you can’t try to accept the original one
unilateral
one-sided offer
F.O.B.
Free On Board
buyer is responsible for any damage that happens to product along the way
infant
a minor/person under 18 years old
bad faith
having dishonest/deceitful intentions when making an agreement
scienter
knowing something is wrong/illegal while doing it
ambiguity
the expressions of the parties are susceptible to >1 interpretation, so there’s some uncertainty to the meaning
good faith
implied condition in all contracts not to hinder the other party’s performance
revocation
taking back an offer
specific performance
when the court tells someone to do a specific thing
real estate
land property
bilateral
two-sided agreement
stare decisis
lower courts have to follow precedent case rules
fraud
wrongful/criminal deception
nominal consideration
small amount of money or value given in a contract to make it legally binding
latent
something that’s not immediately obvious, or hidden
implied-in-fact
agreement based on actions, even if it was never actually discussed
capacity
capability
performance
what’s done in order to seal the contract
offeree
person to whom the offer is made to
mutual promise
how you accept a bilateral offer
Statute of Frauds
statute that requires some contracts to be written (specifically, contracts regarding real property & actions that cannot be performed in under a year)