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CPCU 530 - Chapter 4
Vocab
28
Law
Professional
03/09/2009

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Term
Statute of frauds
Definition
A law to prevent fraud and perjury by requiring that certain contracts be in writing and be signed by the party responsible for performing the contract
Term
Executor
Definition
The person who manages an estate left by a will
Term
Administrator
Definition
The person who manages an estate of a deceased person who has not written a will
Term
Parol evidence rule
Definition
A rule of evidence that limits the terms of a contract to those expressed in writing
Term
Assignment
Definition
The transfer of rights or property
Term
Assignor
Definition
The party to a contract who makes an assignment
Term
Assignee
Definition
The party to a contract to whom an assignment is made
Term
Third-party beneficiary contract
Definition
A contract made between two parties that benefits a third party
Term
Creditor benficiary
Definition
A third-party beneficiary owed a debt that is to be satisfied by performance of a contract
Term
Donee beneficiary
Definition
A third-party beneficiary who receives the benefit of a contract's performance as a gift from the promisee, with the intent of the contracting parties
Term
Incidental beneficiary
Definition
A third-party beneficiary who has no contractual rights but benefits from a contract even though that is not the intent of the parties of the contract
Term
Intended beneficiary
Definition
A third-party beneficiary to whom a benefit was intended by the contracting parties
Term
Tender
Definition
An offer to perform one's duties under a contract
Term
Novation
Definition
An agreement to replace an original party to a contract with a new party
Term
Condition precedent
Definition
An event that must occur before a duty of performance arises in a contract
Term
Condition concurrent
Definition
An event that must occur at the same time as another condition in a contract
Term
Condition subsequent
Definition
An event that, if it occurs, discharges the duty of performance in a contract
Term
Repudiation
Definition
A party's refusal to meet obligations under a contract
Term
Anticipatory breach
Definition
A party's unequivocal indication before contract performance is due that he or she will not perform when performance is due
Term
Compensatory damages
Definition
A payment awarded by a court to indemnify a victim for actual harm
Term
Consequential damages
Definition
A payment awarded by a court to indemnify an injured party for losses that result indirectly from a wrong, such a a breach of contract or a tort
Term
Punitive, or exemplary damages
Definition
A payment awarded by a court to punish a defendant for a reckless, malicious, or deceitful act or to deter similar conduct; need not bear any relationship to a party's actual damages
Term
Extracontractual damages
Definition
A payment awarded by a court that exceeds the usual contract damages for a breach of contract
Term
Mitigation of damages
Definition
A duty owed by an injured party to a lawsuit to take reasonable action, upon learning of a breach, to minimize a loss
Term
Liquidated damages
Definition
A reasonable estimation of actual damages, agreed to by contracting parties and included in the contract, to be paid in the event of a breach or for negligence
Term
Specific performance
Definition
A court-ordered equitable remedy requiring precise fulfillment of a legal or contractual obligation when money damages are inappropriate or inadequate
Term
Injunction
Definition
A court-ordered equitable remedy requiring a party to act or refrain from acting
Term
Reformation
Definition
An equitable remedy by which a court modifies a written contract to reflect the parties' actual intent
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