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Commerical Law
Chapter 8 Vocab
30
Law
Graduate
10/15/2012

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Cards

Term
Statute of frauds
Definition
Certain contracts that must be in writing
Term
Parole
Definition
Means oral
Term
Decedent
Definition
The dead person
Term
Executor
Definition
The person who will administer the estate of a decedent pursuant to a will
Term
Administrator
Definition
The person who will administer the estate of a decedent when there is no will.
Term
Collector
Definition
A person appointed by the court to administer a small estate less than 20k
Term
Main purpose rule
Definition
A writing will not be required when the promissory has a direct interest in the transaction when he or she derives a benefit.
Term
Assumption of debt
Definition
A contract in which a person takes on the debt of another and the original debtor is released.
Term
Debtor
Definition
A person who owes something
Term
Creditor
Definition
A person who is owed something
Term
Reaffirmation agreement
Definition
Is a contract between a debtor and a creditor that the debtor will continue to owe to pay a debt even though the debt might otherwise be discharged in bankruptcy.
Term
Quantum meruit
Definition
When one is unjustly enriched the courts try to make things equal.
Term
Unjust enrichment
Definition
When one party has an unfair advantage in a contract.
Term
Equal dignities rule
Definition
If a principal appoints an agent to do an act for him, then that act must be in writing under the statute of frauds and then the authorizing contract must be in writing.
Term
Principal
Definition
the one who empowers another to act on his/her behalf
Term
Agent
Definition
is one who is empowered to act on another's behalf
Term
part performance
Definition
to have acted one on the behalf of another
Term
Estoppel
Definition
the prohibition against denying the validity or significance of acts done in performance of a contract.
Term
promissory estoppel
Definition
when a person relies on a promise of another to his detriment
Term
Equitable estoppel
Definition
when a person takes advantage of another person by pretending there is a contract when there is not. Court may allow unjust enrichment. This estoppel is based on a misrepresentation of fact.
Term
Judicial estoppel
Definition
person to be sued on the contract admitted the contract in court.

This is the one exception in NC to the Statute of Frauds.
Term
Rules of construction
Definition
Ways established by the courts to try to determine the meaning of unfair contracts
Term
Construe
Definition
Root of construction
Term
Four corners of the contract
Definition
Metaphor for reviewing the contract itself; sticking with the language of the contract to solve the issues
Term
Strict construction
Definition
Looking at the contract itself only
Term
Ambiguous
Definition
Cannot discern the meaning of the parties
Term
Parol evidence rule
Definition
A written contract may not be varied or contradicted by a prior or contemporaneous oral declarations; we don't ask parties what they said to one another.
Term
Integrated contract
Definition
A written contract that contains all the terms and conditions of the parties's agreement and it cannot be modified by parol evidence. (Oral evidence).
Term
Merger clause
Definition
A clause that states all prior oral or written agreements are merged into the existing document; related to the parol evidence rule.
Term
Conditions precedent
Definition
An event or circumstance that must occur before performance contract obligation comes into existence.
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