Contract And Tort Law Definition Chapters #3

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  1. arm’slength transaction
    a transaction negotiated by unrelated parties, each acting in his or her own independent selfinterest; “unrelated” in this context usually means not related as family members by birth or marriage, and not related by business interests
  2. breach of contract
    ailure, without legal excuse, to perform any promise that forms part of a contract
  3. consideration
    the price, which must be something of value, paid in return for a promise
  4. counteroffer
    a response to an offer by an offeree that does not unconditionally accept the terms of the offer but proposes to add to or modify the terms
  5. deed
    a written contract, made under seal by the promisor(s); also called a formal contract
  6. estopped
    topped or prevented
  7. fraud
    1. intentional misrepresentation that causes another to suffer damages; also called deceit 2. false or misleading allegations for the purpose of inducing another to part with something valuable or to give up some legal right 3. a tort and/or crime based on deception for the purpose of profit
  8. gratuitous promise
    a promise made by someone who does not receive consideration for it
  9. inquiry
    questioning by the offeree as to whether the offeror will consider other terms or is willing to modify the terms of the offer; an inquiry does not constitute a counteroffer and is not a rejection of the original offer
  10. lapse
    the termination or failure of an offer through the neglect to accept it within some time limit or through failure of some contingency
  11. nullity
    nothing; something that has no legal force or effect
  12. onus
    the burden of responsibility or proof
  13. past consideration
    an act done or something given before a contract is made, which by itself is not consideration for the contract
  14. presumption of law
    an inference in favour of a particular fact; a rule of law whereby a finding of a basic fact gives rise to the existence of a presumed fact or state of affairs unless the presumption can be rebutted, or proven false, by the party seeking to deny the presumed fact
  15. promissory estoppel
    a rule whereby a person is prevented from denying the truth of a statement of fact made by him or her where another person has relied on that statement and acted accordingly
  16. quantum meruit
    an equitable doctrine that states that no one should unjustly benefit from the labour and materials of another; under those circumstances, the law implies a promise to pay a reasonable amount, even in the absence of a contractual term for price
  17. revoke
    to annul or make void by recalling or taking back; to cancel or rescind
  18. under seal
    bearing an impression made in wax or directly on paper, or affixed with a gummed paper wafer, to guarantee authenticity
  19. void contract
    a contract that may be avoided or declared void at the option of one party to the contract; once it is declared invalid no further rights can be obtained under it, but benefits obtained before the declaration are not forfeit
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Contract And Tort Law Definition Chapters #3
2014-02-26 14:06:44

Contract And Tort Definition Chapters #3
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