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Definition
| 1) the movement of property from one person or entity to another. 2) passage of title to property from the owner to another person. 3) a piece of paper given to allow a person or shipment to continue travel. |
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Term
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Definition
| capable of being made void. Example: a contract entered into by a minor under 18 is voidable upon his/her reaching majority, but the minor may also affirm the contract at that time. "Voidable" is distinguished from "void" in that it means only that a thing can become void but is not necessarily void. |
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Term
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Definition
| referring to a statute, contract, ruling or anything which is null and of no effect. A law or judgment found by an appeals court to be unconstitutional is void, a rescinded (mutually cancelled) contract is void, and a marriage which has been annulled by court judgment is void. |
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Term
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| 1) mutual cancellation of a contract by the parties to it. 2) withdrawing an offer before it is accepted ("I revoke my offer"). 3) cancelling a document before it has come into legal effect or been acted upon, as revoking a will. 4) to recall a power or authority previously given, as cancelling a power of attorney or cancelling a driver's license due to traffic offenses. |
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Definition
| offer's terms must be clear enought o provide a court witha basis for giving an appropriate remedy |
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Definition
| denial of the existence of a contract and/or refusal to perform a contract obligation. Repudiation is an anticipatory breach of a contract. |
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Term
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Definition
| when a party to a contract repudiates (reneges on) his/her obligations under that contract before fully performing those obligations. This can be by word ("I won't deliver the rest of the goods" or "I can't make any more payments") or by action (not showing up with goods or stopping payments). The result is that the other party does not have to perform his/her obligations and cannot be liable for not doing so. This is often a defense to a lawsuit for payment or performance on a contract. One cannot repudiate his obligations and demand that the other person perform. |
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Definition
| Right of an adult to make a legally binding mutual agreement with one or more other persons, without governmental interference as to what type of obligations he or she can take upon himself or herself. |
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Definition
| Admitting of no doubt or misunderstanding; clear and unambiguous |
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Term
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Definition
1. as much or as good as necessary for some requirement or purpose; fully sufficient, suitable, or fit.
2. barely sufficient or suitable.
3. Law. reasonably sufficient for starting legal action. |
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| Timely. Taking place within a reasonable or agreed amount of time. The term is often used in contract provisions. |
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Definition
| 1) To present to another person an unconditional offer to enter into a contract; a request for bids. 2) To present payment to another. |
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Term
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Definition
| Latin for "let the buyer beware." A doctrine that often places on buyers the burden to reasonably examine property before purchase and take responsibility for its condition. Especially applicable to items that are not covered under a strict warranty. |
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