Term
Concurrent Conditions
(20) |
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Definition
| In a contract, terms under which each party's performance is conditioned on the performance of the other; occur only when the parties are required to perform for each other simultaneously. |
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Term
Conditional Contracts
(20) |
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Definition
| A contract that becomes enforceable only on the happening or termination of a specified condition. |
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Term
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Definition
| In a contract, an event that must occur in order for a party's duty to arise. |
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Term
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Definition
| In a contract, a future event that terminates the obligations of the parties when it occurs. |
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Term
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Definition
| Contract performance that occurs when all aspects of the parties' duties under the contract are carried out perfectly. |
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Term
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Definition
| Money awarded to a plaintiff as reimbursement for her or his losses; based on the amount of actual damage or harm to property, lost wages or profits, pain and suffering, medical expenses, disability, etc. |
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Term
Consequential Damages
(20) |
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Definition
| In a contract, foreseeable damages that result form special facts and circumstances arising outside the contract itself. The damages must be within the contemplation of the parties at the time the breach occurs. Also called special damages. |
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Term
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Definition
| A condition specifically and explicitly stated in a contract and usually preceded by words such as conditioned on, if, provided that, or when. |
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Term
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Definition
| A condition that is not specifically and explicitly stated but is inferred from the nature and language of the contract. |
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Term
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Definition
| A court order either forcing a party to do something or prohibiting a party from doing something. |
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Term
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Definition
| Damages specified as a term of the contract before a breach of contract occurs. |
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Term
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Definition
| A substantial breach of a significant term or terms of a contract that excuses the nonbreaching party from further performance under the contract and gives the nonbreaching party the right to recover damages. |
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Term
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Definition
| Money claimed by or ordered paid to a party to compensate for injury of loss caused by the wrong of the opposite party. |
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Term
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Definition
| monetary damages awarded to a plaintiff in a very small amount, typically $1 to $5, to signify that the plaintiff has been wronged by the defendant even though the plaintiff suffered no compensable harm. |
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Term
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Definition
| In a contract, the substitution of a third party for one of the original parties. The duties remain the same under the contract, but one original party is discharged and the third party takes that original party's place. |
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Term
Objective Impossiblity
(20) |
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Definition
| In a contract, a situation in which it is in fact not possible to lawfully carry out one's contractual obligations. |
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Term
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Definition
| Compensation awarded to a plaintiff that goes beyond reimbursement for actual losses and is imposed to punish the defendant and deter such conduct in the future. Also called exemplary damages. |
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Term
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Definition
| The termination of a contract. |
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Term
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Definition
| The return of any property given up under a contract. |
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Term
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Definition
| See consequential damages. |
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Term
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Definition
| An order of the court requiring that a nonbreaching party fulfill the terms of the contract. |
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Term
Substantial Performance
(20) |
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Definition
| Contract performance that occurs when nearly all the terms of the agreement have been met, there has been an honest effort to complete all the terms, and there has been no willful departure from the terms of agreement. |
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Term
Subjective Impossibility
(20) |
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Definition
| In a contract, a situation in which it would be very difficult for a party to carry out his or her contractual obligations. |
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Term
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Definition
| An offer by a contracting party to perform, along with being ready, willing, and able to perform, a duty outlined in the contract. |
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Term
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Definition
| A lease that has a value of $25,000 or less an exists between a lessor who is regularly engaged in the business of leasing or selling and a lessee who leases the good primarily for a personal, family or household purpose. |
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Term
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Definition
| A type of lease in which the lessor does not select, manufacture or supply the goods but acquires title to the good or the right to their possession and use in connection with the terms of the lease. |
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Term
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Definition
| An offer made in writing and containing assurances that it will be irrevocable for a period of time not longer than three months despite a lack of consideration for the irrevocability. |
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Term
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Definition
| All physically existing things that are movable at the time of identification in the contract for sale. |
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Term
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Definition
| A transfer of the right to possess and use goods for a period of time in return for consideration. |
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Term
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Definition
| A person who acquires the right to possession and use of goods under a lease. |
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Term
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Definition
| A person who transfers the right of possession and use of goods under a lease. |
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Term
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Definition
| A person who deals in goods of the kind or by his occupation holds himself out as having knowledge or skill peculiar to the practices or goods involved in the transaction, or a person who employs an intermediary who, by her occupation, holds herself out as having such knowledge or skill. |
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Term
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Definition
| A Principle which holds that the terms of an acceptance must mirror the terms of the offer. If the terms of the acceptance do not mirror the terms of the offer, no contract is formed and the attempted acceptance is a counteroffer. |
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Term
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Definition
| A contract that combines one or more goods with one or more services. |
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Term
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Definition
| A common law rule which stats that oral evidence of an agreement made prior to or contemporaneously with a written agreement is inadmissible when the parties intend to have the written agreement be the complete and final version of their agreement. |
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Term
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Definition
| The passing of title from a seller to a buyer for a price. |
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Term
Uniform Commercial Code (UCC)
(21) |
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Definition
| A statutory source of contract law in the United States that is applicable to transactions involving the sale of goods. The UCC was created in 1952 and adopted by all 50 states, the District of Columbia, and the Virgin Islands; it may be modified by each state to reflect the wishes of the state legislature. |
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Term
United Nations Convention on Contracts for the International Sale of Goods (CISG)
(21) |
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Definition
| The legal Structure for international sales, including business-to-business sales contracts. |
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Term
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Definition
| A type of documentation that shows contractual intent and satisfies the statute of frauds requirement. |
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