Chapter 15
the relief provided to an innocent party when the other party has breached the contract
Remedy
A person who stands to profit from the execution of a contract. They have the legal authority to enforce that contract, but only when he or she has deposited his or her rights in the agreement (i.e., become a party to the contract).
What is a third party beneficiary?
A misrepresentation happens when someone makes a false statement of fact that they think to be true.
What is innocent misrepresentation
The legal competence necessary for a party entering into a contract to be obligated by that contract.
What is contractual capacit?
An electronic sound, symbol, or procedure tied to or conceptually related with a record and used by a person to sign the record.
What is an electronic signatur?
The difference between the value of the breaching party's promised performance under the contract and the value of her or his actual performance. This amount is reduced by any loss that the injured party has avoided
What is the standard measure of compensatory damages when a contract is breached
This principle establishes the basic principle that third parties have no rights in contracts to which they are not parties.
What is Privity of contract?
A error that happens when both parties to a contract are misinformed about the same material fact.
What is bilateral mistake?
A contract between an employer and an employee in which the terms and conditions of employment are stated.
What is an employment contract?
Information that is imprinted on a physical material or stored in an electronic or another medium may be retrieved visually.
What is a record
To recognize wrongdoing when no monetary loss is shown
What are nominal damages?
It normally does not absolve the party making the delegation (the delegator) of the need to perform if the party to whom the duty was transferred (the delegatee) fails to execute.
What are the delegation of duties?
A mistake that happens when one of the contract's parties is wrong about a key fact.
What is a unilateral mistake?
A theory that can be utilized to enforce a promise when the promisee has legitimately depended on the promise and when fulfilling the commitment will serve justice better.
What is promissory estoppel?
Terms and terms of usage are offered when an online buyer downloads a product, but the customer is not required to agree to them before installing or using the product.
What are browse-wrap terms?
It is intended to penalize and prevent misconduct (not common in contract law)
What are punitive damages
A contract condition that must be satisfied before a party's pledge becomes absolute.
What is Condition Precedent?
A state statute that requires certain types of contracts to be in writing to be enforceable.
What is the statute of frauds?
A remedy in which a contract is terminated and the parties are restored to the positions they held before to the contract's formation.
What is a rescission?
A contract in which the offeror is unable to cancel the offer for a specified amount of time (because the offeree has given consideration for the offer to remain open).
What is an opinion contract?
the recovery of a benefit bestowed on the defendant that has unfairly benefited her or him
What is Restitution?
A notion that may exempt a person's responsibility to deliver services when doing so becomes more difficult or expensive owing to events beyond their control.
What is Commercial impracticability?
A defect that is not visible or is difficult to detect.
What is latent defect?
A contractual pledge by one party to refrain from performing business comparable to that of another party for a certain length of time and geographical region.
What is covenant not to compete?
A contractual pledge by one party to refrain from performing business comparable to that of another party for a certain length of time and geographical region.
What is a click-on agreement?