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Definition
| is an event that may or may not occur; it is a possibility. It is the condition of being dependant on chance; i.e. uncertain. |
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Term
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Definition
| is the granting to another the sole right of engaging in a certain business or in a business using a particular trademark in a certain area. A contract between the franchisor and franchisee estabilishes the terms and conditions of the franchise relationship. State and federal laws regulate franchise agreements. |
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Term
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Definition
| is the practice of contracting between a person who intends to be a parent and a woman who provides her uterus to carry an embryo throughout pregnancy and provides that the woman who is the “surrogate mother” will (1) bear a child for the intentional parent, and (2) relinquish any and all rights to the child. |
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Term
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Definition
| the inability to have certain legal consequences attach to one's actions. |
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Definition
| provides that a contract entered by a person who is unable to understand the nature of the contract and its obligations is voidable by that person. |
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Term
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Definition
| is a manifestation of intention to act or refrain from acting in a specified way, so made as to justify a promisee in understanding that a commitment has been made. |
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Term
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Definition
| is a duty that is based only on one's conscience and that is not legally enforceable; in contract law, it may support a promise in the absence of traditional consideration, but only if the promisor has previously received some actual benefit from the promisee. |
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Term
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Definition
| is the act of transferring interests, each in consideration for the other. |
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Term
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Definition
| is work for which one has been hired and is being paid by an employer, usually undertaken without a contract and may be terminated at any time by either employee or employer without cause. |
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Term
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Definition
is a law (based on the English model) designed to prevent fraud and perjury by requiring certain contracts to be in writing and signed by the party to be charge. They traditionally apply to the following types of contracts:
1) a contract for the sale or transfer of an interest in land,
2) a contract that cannot be performed within one year of its making,
3) a contract for the sale of goods valued at $5,000 or more,
4) a contract of an executor or administrator to answer for the decendent's debt,
5) a contract to guarantee the debt or duty of another, and
6) a contract made in consideration of marriage. |
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Term
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Definition
| is the act by which a parent frees a child and gives the child the right to his or her own earnings. The act also frees the parent from all legal obligations of support for the child. |
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Term
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Definition
| confines avoidance of contracts for want of capacity to cases in which the party was so profoundly disabled that he did not know what he was doing, such that the other party should have realized that there was a problem, and thus cannot fairly claim to have reasonably relied on the genuineness of manifested intent. |
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Term
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Definition
| is broader than the cognitive test and recognizes not only cognitive disorders, but also illness or defects that impair the party's ability to transact in a reasonable manner. This type of incapacity may be less apparent to the other party and it is only grounds for avoidance if the other had reason to know of the condition. |
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Term
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Definition
| provides that a natural person has the capacity to incur only voidable contractual duties until the beginning of the day before the person's eighteenth birthday. |
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Term
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Definition
states that a natural person who manifests assent to a transaction has full legal ability to incur contractual duties thereby unless he is
(a) under guardianship, or
(b) an infant, or
(c) mentally ill or defective, or
(d) intoxicated. |
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