formation
This is the "meeting of the minds" moment when one party accepts the exact terms proposed by another
What is offer and acceptance?
This term describes someone legally too young to be bound by most contracts.
What is a minor (infant)?
This type of term is implied by law even if the parties didn't discuss it.
A: What is an implied term?
This remedy involves paying money to compensate the non-breaching party for losses.
A: What are damages?
This term describes a promise about a fact or quality that, if false, gives rise to a breach claim.
A: What is a warranty?
This term describes something of value exchanged between parties that makes a contract enforceable.
What is consideration?
This defense applies when one party is forced into a contract through threats.
A: What is duress?
This rule generally bars evidence of prior or contemporaneous agreements that contradict a written contract.
A: What is the parol evidence rule?
This equitable remedy forces a party to actually perform their contractual obligations.
A: What is specific performance?
This type of warranty is created by the words or conduct of the seller, not implied by law.
A: What is an express warranty?
This doctrine allows an offer to be revoked at any time before acceptance, unless it's been this type of irrevocable promise
What is an option contract?
This defense applies when one party deceives another to induce agreement.
A: What is misrepresentation (or fraud)?
This clause specifies which country's or state's law governs the contract.
A: What is a choice of law clause?
This type of breach is so serious it excuses the other party from performing at all.
A: What is a material breach?
This party receives the assigned rights under a contract.
A: Who is the assignee?
This legal fiction occurs when an offeree changes the terms of an offer, effectively rejecting it and proposing a new one.
What is a counteroffer?
This term describes a mistake shared by both parties about a basic assumption of the contract.
A: What is mutual mistake?
This term describes conditions that must occur before a party's duty to perform arises.
A: What is a condition precedent?
This duty requires the non-breaching party to take reasonable steps to minimize their losses.
A: What is the duty to mitigate?
This implied warranty arises when a buyer relies on the seller's skill to select goods for a specific use.
A: What is the implied warranty of fitness for a particular purpose?
Under this rule, acceptance is effective the moment it's sent, not when it's received.
What is the mailbox rule?
This doctrine allows courts to refuse enforcement of contracts that are shockingly one-sided.
A: What is unconscionability?
5 June is the birthday of which famous and amazing teacher
Erin Moody :)
These damages are pre-agreed in the contract to apply if a breach occurs, as long as they aren't punitive.
A: What are liquidated damages?
Delegation of duties generally does not release the original party from this ongoing responsibility if the delegate fails to perform.
A: What is liability (the delegator remains liable)?