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CPCU 530 - Chapter 3
Vocab
20
Law
Professional
03/08/2009

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Cards

Term
Valuable consideration
Definition
The consideration necessary and sufficient to support a valid contract (3.4)
Term
Good consideration
Definition
Consideration based on natural love or affection, or on moral duty, that is not sufficient to support a contract (3.4)
Term
Gratuitous promise
Definition
A promise not supported by valuable consideration and, therefore, not binding (3.4)
Term
Accord and satisfaction
Definition
An agreement (accord) to substitute performance other than that required in a contract and the carrying out of that agreement (satisfaction) (3.7)
Term
Promissory estoppel
Definition
A legal principle that permits enforcement of a promise made without consideration in order to prevent injustice (3.9)
Term
Usury
Definition
The charging of an illegally high rate of interest on a loan (3.12)
Term
Exculpatory clause
Definition
A contractual provision purporting to excuse a party from liability resulting from negligent or an otherwise wrongful act (3.14)
Term
In pari delicto agreement
Definition
An illegal transaction in which both parties are equally at fault (3.18)
Term
Severable contract
Definition
A contract that includes two or more promises, each of which a court can enforce separately (3.18)
Term
Genuine assent
Definition
Contracting parties' actual assent to form a contract or their indication of intent to contract by their actions and words (3.18)
Term
Fraud
Definition
An intentional misrepresentation reslting in harm to a person or an organization (3.19)
Term
Rescission
Definition
The complete unmaking of a contract (3.22)
Term
Collusion
Definition
An agreement by two or more people to defraud another (3.22)
Term
Concealment
Definition
A misrepresentation by silence (3.23)
Term
Mistake
Definition
A perception that does not agree with the facts (3.26)
Term
Unilateral mistake
Definition
A perception buy one party to a contract that does not agree with the facts (3.26)
Term
Bilateral mistake
Definition
A perception by both parties to a contract that does not agree with the facts (3.26)
Term
Reformation
Definition
An equitable remedy by which a court rewrites, or reforms, a contract to reflect the parties' intentions (3.28)
Term
Duress
Definition
The use of restraint, violence, or threats of violence to compel a party to act contrary to his or her wishes or interests (3.28)
Term
Undue influence
Definition
The improper use of power or trust to deprive a person of free will and substitute another's objective, resulting in lack of genuine assent to a contract (3.29)
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