HMT 4150 Chapter 4

Perfect or complete

An expression of agreement by the offeree to the terms of an offer.

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.

Laws that attempt to ensure that open competition is preserved.

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.

The failure to perform some contracted act.

The ability to understand the terms of a contract and to understand also that failure to perform its terms can lead to legal liability.

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.

An event on which a contractual duty in contingent.

Something of value exchanged for something else of value.

An agreement between two or more people that is enforceable by court.

A response to an offer that modifies one or more of its provisions.

The remedy sought by the injured party in a civil case.

Threats of harm if a person does not sign a contract.

The privilege of using someone else's land for some limited purpose.

Refraining from doing something you have a legal right to do.

A provision that identifies a specific location at which any lawsuit arising out of a contract must be brought.

An intentional untruthful statement made to induce reliance by another person or for the purpose of isleading someone, usually for personal gain.

Concept that the parties involved in a contract must genuinely agree to the contract terms.

A favorable reputation producing an expectation of future business.

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.

An untruthful statement that the speaker believes is accurate.

Opening discussions that may or nay not lead to an offer for a subsequent contract.

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.

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.

A mistake made by both parties.

A contract term that permits either party to terminate the contract for any or no reason.

A proposal to do or give something in exchange for something else.

The person to who an offer is made.

The person who make an offer.

Oral or spoken.

What prevents the parties from successfully modifying a complete written contract with evidence of oral agreements made prior to signing the writing.

A remedy for breach of contract requiring performance of the contract terms.

The law requiring that certain contracts must be written to be enforceable.

A violation of a legal duty (a wrongful act) by one person that injures another.  (Breaches of contractual duties are not considered torts, however).

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.

An error made by one party to a contract as to the terms or performance.

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.

One that may be canceled at the option of one party (in this case, the person with the legal disability).

A contract that is unenforceable in court.