Term
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Definition
| the state of two specified parties being in a contract |
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Term
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Definition
| the transfer of contractual rights by an obligee to another party |
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Term
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Definition
| an obligee who transfers a right |
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Term
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Definition
| a party to whom a right has been transferred |
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Term
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Definition
| a clause that prohibits the assignment of rights under the contract |
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Term
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Definition
| a transfer of contractual duties by an obligor to another party for performance |
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Definition
| an obligor who has transferred his or her duty |
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Term
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Definition
| a party to whom a duty has been transferred |
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Term
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Definition
| a situation in which a delegation of duties contains the terms assumption , i assume the duties or other similar language. In such a case, the delegatee is legally liable to the obligeee for nonperformance |
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Term
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Definition
| a clause that prohibits the delegation of duties under the contract |
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Term
| donee beneficiary contract |
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Definition
| a contract entered into with the intent to confer a benefit or gift on an intended third party |
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Term
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Definition
| a third party on whom a benefit is to be conferred |
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Term
| creditor beneficiary contract |
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Definition
| a contract that arises in the following situation: (1) a debtor borrows money, (2) the debtor signs an agreement to pay back the money plus interest, (3) the debtor sells the item to a third party before the loan is paid off, and (4) the third party promises the debtor that he or she will pay the remainder of the loan to the creditor |
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Term
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Definition
| an original creditor who becomes a beneficiary under the debtor's new contract with another party. |
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Term
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Definition
| a party who is unintentionally benefited by other people's contracts |
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Term
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Definition
| an unconditional promise to perform |
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Term
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Definition
| a qualification of a promise that becomes a covenant if it is met. There are three types of conditions; conditions precedent, conditions subsequent, and concurrent conditions |
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Term
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Definition
| a condition that requires the occurrence of an event before a party is obligated to perform a duty under a contract |
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Term
| personal satisfaction test |
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Definition
| a subjective test that applies to contracts involving personal taste and comfort |
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Term
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Definition
| an objective test that applies to commercial contracts and contracts involving mechanical fitness. |
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Term
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Definition
| a condition whose occurrence or nonoccurrence of a specific event automatically excuses the performance of an existing contractual duty to perform. |
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Term
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Definition
| a condition that exists when the parties to a contract must render performance simultaneously; each party's absolute duty to perform is conditioned on the other party's absolute duty to perform |
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Term
| implied-in-fact condition |
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Definition
| a condition that an be implied from the circumstances surrounding a contract and the parties' conduct |
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Term
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Definition
| an agreement that substitutes a new party for one of the original contracting parties and relieves the exiting party of liability on the contract. |
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Term
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Definition
| the settlement of a contract dispute |
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Term
| impossibility of performance |
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Definition
| nonperforne that is excused if a contract becomes impossible to perform. It must be objective, impossibility, not subjective |
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Term
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Definition
| a clause in a contract in which the parties specify certain events that will excuse nonperformance |
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Term
| commercial impracticability |
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Definition
| nonperformance that is excused if an extreme or unexpected development or expense makes it impractical for the promisor to perform |
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Term
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Definition
| a statues that established the time period during which a lawsuit must be brought; if the lawsuit is not brought within this period, the injured party loses the right to sue. |
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