Vocab Words

Question 1

invoke

Answer 1

to appeal to

Question 2

revocation

Answer 2

the official cancellation of a decree, decision, or promise

Question 3

detriment

Answer 3

what you are giving up (money, rights, property, time) for what it wants under the contract

Question 4

Accord and satisfaction

Answer 4

a contract law concept about the purchase of the release from a debt obligation. it is one of the methods by which parties to a contract may terminate their agreement

Question 5

Consideration

Answer 5

A person must promise to do something new or something not already obligated to do.
benefit which must be bargained for between parties, and is the essential reason for a party entering in to a contract.

Question 6

Guarantor

Answer 6

a person who guarantees to pay for someone elses debt if he should default on a loan obligation

Question 7

Usury

Answer 7

Charging of interest in excess of statutory maximum

Question 8

restitution

Answer 8

the restoration of something lost or stolen to its rightful owner

Question 9

ratification

Answer 9

making a contract officially valid;

giving consent to a contract

Question 10

coercion

Answer 10

persuading someone to do something by using force or threats

Question 11

What type of contract is fraud in the inducement?

Answer 11

Voidable

Question 12

What type of contract is fraud in the execution?

Answer 12

void

Question 13

What type of contract is physical coercion?

Answer 13

Void

Question 14

to ratify a contract by a minor the minor must ratify ___ of the contract

Answer 14

the entirety