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Absolute
Perfect or complete
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Acceptance
An expression of agreement by the offeree to the terms of an offer.
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Agreement not to compete
In the sale of a business, a contractual provision barring the seller from competing with the buyer in the geographical area where the business is located ofr a sepcified period of time.
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Antitrust Laws
Laws that attempt to ensure that open competition is preserved.
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Attrition Clause
In reference to a room reservation contract between an association hosting a convention and a hotel, a contractual provision obligating the organiztion to com[ensate the hotel if less that a specified number of rooms are rented by conventioneers.
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Breach of Contract
The failure to perform some contracted act.
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Capacity to Contract
The ability to understand the terms of a contract and to understand also that failure to perform its terms can lead to legal liability.
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Compensatory Damages
Out-of-pocket expenses including doctor bills and lost wages, and compensation for pain and suffering, loss of enjoyment of life, loss of consortium, and loss of services.
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Condition
An event on which a contractual duty in contingent.
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Consideration
Something of value exchanged for something else of value.
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Contract
An agreement between two or more people that is enforceable by court.
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Counteroffer
A response to an offer that modifies one or more of its provisions.
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Damages
The remedy sought by the injured party in a civil case.
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Duress
Threats of harm if a person does not sign a contract.
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Easement
The privilege of using someone else's land for some limited purpose.
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Forebearance
Refraining from doing something you have a legal right to do.
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Forum Selection Clause
A provision that identifies a specific location at which any lawsuit arising out of a contract must be brought.
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Fraud
An intentional untruthful statement made to induce reliance by another person or for the purpose of isleading someone, usually for personal gain.
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Genuine Assent
Concept that the parties involved in a contract must genuinely agree to the contract terms.
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Goodwill
A favorable reputation producing an expectation of future business.
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Illusory
A contractual term that fails to contain a firm commitment; a promise that is so indefinite that the party making it has not in fact committed to anything.
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Innocent Misrepresentation
An untruthful statement that the speaker believes is accurate.
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Invitations to Negotiate
Opening discussions that may or nay not lead to an offer for a subsequent contract.
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Mitigate
Lessen; a rule that requres a plaintiff seeking to collect damages for breach of contract to prove an attempt was made to reduce or lessn losses and/or damages.
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Mutuality
All parties to the contract are interested in the terms of a contract and intend to enter an agreement to which they will be legally bound.
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Mutual Mistake
A mistake made by both parties.
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No-Cause Termination Clause
A contract term that permits either party to terminate the contract for any or no reason.
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Offer
A proposal to do or give something in exchange for something else.
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Offeree
The person to who an offer is made.
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Offeror
The person who make an offer.
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Parol Evidence Rule
What prevents the parties from successfully modifying a complete written contract with evidence of oral agreements made prior to signing the writing.
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Specific Performance
A remedy for breach of contract requiring performance of the contract terms.
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Statute of Frauds
The law requiring that certain contracts must be written to be enforceable.
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Tort
A violation of a legal duty (a wrongful act) by one person that injures another. (Breaches of contractual duties are not considered torts, however).
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Trade Usage
Practices or modes of dealing that are generally adhered to in a particular industry, such that an expectation arises that they will be honored in a given transaction.
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Unilateral mistake
An error made by one party to a contract as to the terms or performance.
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Valid
Enforceable in court. For a contract to be a valid, certain elements must exist, such as contractual capacity, mutuality, legality, consideration, proper form, and genuine assent.
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Voidable contract
One that may be canceled at the option of one party (in this case, the person with the legal disability).
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Void Contract
A contract that is unenforceable in court.
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