Basic Contract Law
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| show | Refers to a transfer of rights or duties under a contract to a third party.
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| Auction | show 🗑
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| bilateral contract | show 🗑
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| compensatory damages | show 🗑
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| consequential damages | show 🗑
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| show | That received by the grantor in exchange for a deed. Something of value that induces a person to enter into a legally enforceable contract.
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| show | Legally enforceable promise or set of promises between legally competent parties that must be performed for consideration. Law provides remedy for breach.May be either unilateral,(only one party is bound)or bilateral (all parties are legally bound).
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| counteroffer | show 🗑
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| show | Money deposited by a buyer under the terms of a contract, to be forfeited if the buyer defaults but applied to the purchase price if the sale is closed.
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| executed contract | show 🗑
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| show | A contract under which something remains to be done by one or more of the parties.
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| show | An oral or written contract in which the parties state the contract's terms and express their intentions in words.
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| implied contract | show 🗑
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| show | The purpose of a legally enforceable contract; cannot be for illegal actions or acts against public policy.
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| show | People who are recognized by law as being able to contract with others; those of legal age and sound mind; a requirement of a legal enforceable contract.
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| liquidated damages | show 🗑
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| show | A deliberate agreement between parties; offer and acceptance; “meeting of the minds.” A requirement of a legally enforceable contract.
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| “Time is of the essence” | show 🗑
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| Mutual assent | show 🗑
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| show | Substituting a new contract for an old one or substituting new parties to an existing contract.
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| Offer to Purchase and Contract | show 🗑
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| show | Two essential components of a valid contract.
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| Parol evidence rule | show 🗑
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| reality of consent | show 🗑
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| show | The legal remedy of canceling, terminating, or annulling a contract and restoring the parties to their original positions.
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| show | A legal action to compel a party to carry out the terms of a contract.
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| Statute of Frauds | show 🗑
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| show | The law pertaining to the period of time within which certain actions must be brought to court or be lost.
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| time is of the essence | show 🗑
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| unenforceable contract | show 🗑
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| show | A one-sided contract in which one party makes a promise to induce a second party to do something. "I will give you a reward if you find my dog"
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| show | A contract that complies with all the essential elements of a contract.
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| Voidable Contract | show 🗑
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| show | A contract that has no legal force or effect. It is unenforceable in a court of law b/c it does not meet the essential elements of a contract.
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