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Flashcards in Final Deck (18)
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1

liquidated debt/damages

the amount has been agreed on, settled, determined exactly

2

accord and satisfaction

common means of settling disputed claim, whereby debtor offers to pay a lesser amount than creditor wants to be owed

3

promissory estoppel

used to enforce promise when promisee justifiably relied on amount of funds to another person on demand or specified date

4

usury

charging an illegal rate of interest

5

covenant to not compete

contractual promise of one party to not conduct business similar to that of another party for a period of time within a geographical area

6

battle of the forms

two merchants exchange separate standard forms containing different contract terms. contract is valid unless
1) original offer expressly limited acceptance to its terms
2) new/changed terms materially alter after contract
3) offeror objects to new or changed terms within reasonable period of time

7

unilateral mistake

mistake occurs when only one party to contract is mistaken as to material fact

8

bilateral mistake

both parties of a contract are mistaken about same material fact

9

elements of fraudulent misrepresentation

1) misrepresentation of material fact must occur
2) must be an intent to deceive
3) innocent party must justifiably rely on misrepresentation

10

latent defect

defect is not obvious, cannot be readily obtained

11

prenuptial agreements

in the event of divorce, contract outlines which party is in possession of what, must be in writing to be enforced

12

parol evidence rule

prevents a party from presenting extrinsic evidence that discloses ambiguity and clarifies/adds to written terms of contract

13

types of damages

nominal
compensatory
punitive
consequential

14

cover and mitigation of damages

requirement that a plaintiff do whatever is reasonable to minimize damages caused by defendant's breach of contract

15

nominal damages

small monetary award granted t plaintiff when no actual damage was suffered

16

liquidated damages

amount stipulated in contract that the parties to the contract believe to be reasonable estimation of the damages that will occur in the event of a breach

17

specific performance

equitable remedy in which a court orders parties to perform as promised in the contract, remedy normally is granted only when legal remedy is inadequate

18

antitrust

fair competition, prevents anticompetitive practices and unlawful restraints