Contract Vocab
The exchange of things of value. The exchange of benefits and detriments by parties to an agreement
What is Consideration?
A document that defines U.S. Law
What is The Constitution?
Means for determining what a society's values ought to be
What is Ethics?
True or False: All contracts must be in writing
What is False?
What is Best Evidence Rule?
A personal proposal by one party to another intended to create a legally binding agreement
What is Offer?
The party that accuses a person of a crime
What is Plaintiff?
What do you call the person who represents the class in a class action lawsuit?
What is Lead Plaintiff or Class Representative?
Jordan, age 20, sells Jerry, age 21 his computer for $500. Jerry agrees and they make the transaction. What type of contract is this?
What is Bilateral Contract?
Overcoming a persons will by the use of force or threat of force and/or bodily harm
Any change in the terms of the offer that means the offeree has not really accepted the offer
What is Counteroffer?
The decision made by the members of a jury after they deliberate
What is Verdict?
A procedure that permits one or more plaintiffs to file and prosecute a lawsuit on behalf of a larger group
What is Class Action Lawsuit?
The law that specifies the time within which a contract may be legally enforced
States that the evidence of oral statements made before signing a written agreement that cannot be presented in court change or add to the terms of the written agreement
What is Parol Evidence Rule?
A valid offer that is met by valid acceptance
What is Genuine Agreement?
A written accusation to charge an individual that issued after a grand jury hears evidence and testimony of witnesses. Does not mean a person is guilty but that the grand jury believes there is enough evidence to show that there is a possibility that the person is guilty.
What is Indictment?
Contracts cannot be signed on Sundays, and are void if done so
Which of the following are not requirements of an offer: Serious Intent, Definite and Certain, Acceptance, Communicated to the offeree
Who is considered to not have capacity to enter into a contract
What is Mentally Impaired Persons, Intoxicated Persons, and Aliens?
What is Implied Contract?
This type of agreement becomes legally binding when an offer is accepted and both sides exchange something of value.
What is a contract?
Laws about gambling in each state/jurisdiction
What is Gambling Statutes?
A legal term used to describe two persons or entities who are equally at fault
What is In Pari Delicto?
Charging more than the maximum legal interest rate
What is Usury?