Term
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Definition
| protection for ideas or information that is not patented, trademarked or copyrighted, either because it cannot be or the choice is made to opt out of those protections |
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Term
| Misappropriation of Trade Secrets |
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Definition
Stealing someone's trade secret.
- lawsuit can be actionable only if the business owner can prove defendant obtain the trade secret through unlawful means.
- A successful lawsuit could mean the owner of the trade secret can recover profits made by the offender from the use of the trade secret, recover for damages, and obtain an injunction prohibiting the offender from divulging or using the trade secret. |
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Term
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Definition
Unauthorized use of another's patent.
- Successful plaintiff can recover money damages equal to a reasonable royalty rate on the sale of the infringed articles, other damages caused by the infringement (like loss of customers), an order requiring the destruction of the infringing article, and an injunction preventing the infringer from such action in the future.
- Court decides money amount depending on the intentionality of the infringement. |
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Term
Patent Protection
- What can be protected?
- How long? |
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Definition
Patents on Inventions-- 20 years
Patents on Designs-- 14 years
Patent terms begins running from the date the patent application is filed.
Item being patented must be novel, useful, and non-obvious. |
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Term
Copyright Infringement
- What does it entail?
- "fair use" exceptions |
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Definition
When a party copies a substantial and material part of the plaintiff’s copyrighted work without permission.
- A successful plaintiff may recover profit made by the defendant from the copyright infringement, damages suffered by the plaintiff, an order requiring the impoundment and destruction of the infringing works, and an injunction preventing the defendant from infringing in the future.
"Fair Use" permits certain limited unauthorized use of copyrighted materials. |
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Term
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Definition
Permits certain limited unauthorized use of copyrighted materials.
(Ex: citations for scholarly and research material, small reproduction by a teacher for a lesson, reproduction used for a legislative or judicial proceeding) |
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Term
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Definition
| a legal term of art that generally refers to characteristics of the appearance of a product of its packaging that signifies the source of the product or consumers. |
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Term
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Definition
Unauthorized use of another's mark
- Successful plaintiff can recover profits made by the infringer through unauthorized use of the mark, damages caused to the plaintiff’s business and reputation, an order requiring the defendant to destroy all goods containing the unauthorized mark, and an injunction preventing the defendant from such infringement in the future.
- Plaintiff must prove the defendant infringed their mark by using it in an unauthorized manner. This use is likely to cause confusion, mistake, or deception of the public. |
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Term
Trademark Protection
- What can be protected?
- How long? |
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Definition
Trademark is valid for 10 years and can be protected for an unlimited number of ten year periods.
- can apply to trademarks, service marks, certification marks, and collective marks. |
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Term
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Definition
It is a distinctive mark, symbol, name, word, motto, or device that identifies the goods of a particular business.
- The mark must be either distinctive (like Acura or Xerox), or have acquired a secondary meaning (like Nike’s Just Do It slogan). |
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Term
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Definition
| a set of exclusive rights granted by a state (national government) to an inventor or their assignee for a limited period of time in exchange for a public disclosure of an invention. |
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Term
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Definition
| set of exclusive rights granted to the author or creator of an original work, including the right to copy, distribute and adapt the work. Copyright does not protect ideas, only their expression or fixation. |
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Term
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Definition
The most serious type of crime
- "Mala in se" = inherently evil
- usually punishable by imprisonment
Examples of Felonies:
- Crimes against persons (murder, rape, etc.)
- Crimes against business (robbery, embezzelment, etc.) |
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Term
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Definition
Less serious than a felony
- "Mala prohibita"= not inherently evil, but still prohibited by society
- usually punishable by fines and/or imprisonment for 1 yr or less
Ex. of Misdemeanors:
- Many crimes against property (robbery, burglary, etc.) |
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Term
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Definition
A crime that is neither a felony nor a misdemeanor
- usually punishable by a fine; occasionally a few days of imprisonment
Ex. of Violations:
- traffic violations, jay-walking, etc. |
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Term
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Definition
a plea whereby the accused agrees to the imposition of a penalty, yet does not admit guilt
- plea cannot be used as evidence of liability against the accused at a subsequent civil trial
- government can either accept this plea or deny it and make them plead guilty or not guilty |
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Term
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Definition
of personal property from another’s home, office, or commercial or other type of building
- Includes daytime thefts, also includes unauthorized entering through a locked door. |
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Term
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Definition
fraudulent making or alteration of a written document that affects the legal liability of another person.
- that signing another person’s signature without intent to defraud is not forgery |
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Term
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Definition
crime in which one person gives another person money, property, favors, or anything else of value for a favor in return.
- Intent is a necessary element of this crime
- The offered is guilty of bribery when they accept the bribe, and the briber is still guilty even if the person offered rejects the bribe. |
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Term
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Definition
a threat to expose something another person unless that other person gives money or property
- a.k.a. blackmail |
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Term
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Definition
The fraudulent conversion of property by a person to whom that property was entrusted
- Ex: a cashier that handles large sums of money could embezzle money from their employer
- Ex: Lawyer could embezzle a clients funds from their trust accounts |
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Term
| Receiving stolen property |
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Definition
| To knowingly receive stolen property, and intend to deprive the rightful owner of that property. |
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Term
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Definition
the practice of engaging in financial transactions to conceal the identity, source, and/or destination of illegally gained money.
- "Significant cash transaction" is a cash transaction of $10,000+ which automatically causes suspicion for money laundering.
- EX: tax evasion, false accounting, drug deals, Mafia activity |
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Term
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Definition
Illegal business.
- Mafia, gun/drug trafficking, etc. |
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Term
Attorney-Client privilege
- and other privileges |
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Definition
rule that says a client can tell his or her lawyer anything about the case without fear that the attorney will be called as a witness against the client
- protected by the 5th amendment
- Others: Psych-Patient, Priest/Rabbi/Minister/Imam-Penitent, Spouse-Spouse, Parent-Child, Accountant-Client |
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Term
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Definition
a contract entered into by way of exchange of promises of the parties; “a promise for a promise”
- Ex: Lady says to guy, "If you promise to paint my store by July 1, I will pay you $300." The guy says,"I promise”. If he doesn’t paint it by July 1, that is considered a Breach of Contract. |
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Term
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Definition
contract in which the offeror’s offer can be accepted only by the performance of an act by the offered; a “promise for an act”.
- Ex: Lady says to a guy, "If you paint my shop by July 1, I will pay you $300." The guy accepts the offer by painting the shop. If he didn't paint it by July 1, then he has declined the contract and cannot be sued.
- No contract until the requested act is performed. |
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Term
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Definition
an agreement that is expressed in written or oral words
- Most personal and business contracts are an example
- Ex: Oral agreement to buy your neighbors bike. |
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Term
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Definition
a contract in which agreement between parties has been inferred from their conduct
Three elements must be established to create an "Implied-in-Fact" contract:
1. plaintiff provided property or services to the defendant
2. plaintiff expected to be paid by the defendant for the property or services and did not provide the property or services gratuitously
3. The defendant was given an opportunity to reject the property or services provided by the plaintiff but failed to do so. |
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Term
Implied-in-Law Contract
(Quasi Contract) |
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Definition
an equitable doctrine whereby a court may award monetary damages to a plaintiff for providing work of services to a defendant even though no actual contract existed.
Elements:
1. One person confers a benefit on another, who retains the benefit
2. It would be unjust not to require that person to pay for the benefit received.
Ex: You don't know exactly what the hospital will bill you later, but you go knowing that you are responsible for paying whatever bill is sent to you. |
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Term
Requirements of the offer
(There are three) |
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Definition
1. The offerer must objectively intend to be bound by the offer.
2. The terms of the offer must be definite or reasonable certain.
3. The offer must be communicated to the offeree |
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Term
| Serious, Objective Intention |
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Definition
| judged by the reasonable person standard and not by the subjective intent of the parties. Whether a reasonable person viewing the circumstances would conclude that the parties intended to be legally bound. |
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Term
| Terms reasonably certain, difinite |
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Definition
The terms of an offer must be clear enough for the offered to be able to decide whether to accept or reject the terms of the offer.
To be considered definite, must contain:
1. Identification of the parties
2. Identification of the subject matter and quantity.
3. Consideration to be paid
4. Time of performance |
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Term
| Offer must be communicated to the offeree |
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Definition
| An offer cannot be accepted if it is not communicated to the offeree by the offeror or a representative or an agent of the offeror. |
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Term
| Rejection (as termination of an offer) |
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Definition
words or conduct by the offeree that rejects an offer
- A rejection my be evident by the offeree’s express words (oral or written) or conduct |
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Term
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Definition
| A response by an offeree that contains terms and conditions different from or in addition to those of the offer. A counteroffer terminates the previous offer and the roles as the offerer/offeree switch. |
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Term
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Definition
an award given for the performance or some service or attainment
To accept the award, the offeree must have:
1. knowledge of the reward offer prior to completing the requested act
2. perform the requested act |
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Term
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Definition
| A rule which states that for an acceptance to exist, the offeree must accept the terms as stated in the offer. |
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Term
| Consideration as "Something of legally sufficient value" |
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Definition
Consideration= something of legal value given in exchange for a promise
Elements to a consideration:
1. something of legal value must be given
2. There must be a bargained-for exchange
*Refraining from doing something=consideration
Ex: I won't bite my nails for 2 months if you give me $10 |
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Term
| Disaffirmance of a contract by a minor |
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Definition
Minors can't enter into contracts with adults
- Infancy doctrine allows minors to disaffirm most contracts they've entered into with adults (orally, in writing, or by their conduct)
- minor is obligated only to return the goods or property he/she has received from the adult in condition it's in at time of disaffirmance
- |
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Term
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Definition
| a person who is too funk to drunction cannot enter into a contract. If they do they can void it. After they sober up, they can stay in the contract if they really like it. |
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Term
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Definition
law that sets an upper limit on the interest rate that can be charged on certain types of loans.
- Lenders who charge a higher rate than the state limit are guilty of usury. |
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Term
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Definition
statutes that make certain forms of gambling illegal.
- All states either prohibit or regulate gambling, wagering, lotteries, and games of chance via gambling statues |
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Term
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Definition
| religious laws that limit commerce and certain activities on Sundays |
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Term
| Legality: Licensing Statute |
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Definition
| statute that requires a person or business to obtain a license from the government prior to engaging in a specified occupation or activity. |
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Term
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Definition
a contract which provides that a seller of a business or an employee will not engage in a similar business or occupation within a specified geographical area for a specified time following the sale of the business or termination of employment
- a.k.a. Noncompete Clause
Lawful if reasonable in three aspects:
1. the line of business protected
2. the geographical area protected
3. the duration of the restriction |
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Term
Mutual (or bilateral) mistake
- rescission |
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Definition
A mistake made by both parties concerning a material fact that is important to the subject matter of a contract
- A party may rescind a contract if this has happened on the grounds that no contract has been formed because there has been no “meeting of the minds” between the parties |
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Term
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Definition
An event that occurs when one person consciously decides to induce another person to rely and act on a misrepresentation.
4 elements must be shown to prove fraud:
1. the wrongdoer made a false representation of material fact
2. the wrongdoer intended to deceive the innocent party
3. the innocent party justifiably relied on the misrepresentation
4. the innocent party was injured |
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Term
| Fraud: Opinion vs. Misrepresentation of fact (Sales Puffery) |
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Definition
| may have occurred by words, oral or written, or by the conduct of the party. It must be of past or existing material fact, statements of opinion or Predictions about the future generally are not considered fraud. |
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Term
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Definition
situation in which one person takes advantage of another person’s mental, emotional, or physical weakness and unduly persuades that person to enter into a contract
The following elements must be shown to prove undue influence:
- A fiduciary or confidential relationship must have existed between the parties
- the dominant party must have unduly used his or her influence to persuade the serviant party to enter into a contract.
- The dominant party takes over the weak party which is the servient party. |
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Term
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Definition
a situation in which one party threatens to do a wrongful act unless the other party enters a contract.
- If someone threatens physical harm, that’s physical duress. |
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Term
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Definition
| A state statute that requires certain types of contracts to be in writing. |
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Term
Writing
- what constitutes |
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Definition
| Contracts that are to be in writing include: those involving real property, long term contracts, collateral contracts, marriage (pre-nupts), contracts to write a will, contracts to pay debts in the event of bankruptcy, |
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Term
Writing
- what must be contained |
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Definition
Specifics!
must have signature of person, specified time, location, what each party’s duty is, etc. |
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Term
| Party against whom enforcement is sought must have signed |
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Definition
The Statute of Frauds and the UCC require a written contract, whatever its form, to be signed by the party against whom enforcement is sought. The signature of the person who is enforcing the contract is not necessary. Thus, a written contract may be enforceable against one party but not the other party.
- Generally, the sig may appear anywhere on writing. It doesn't have to be a full legal name. Can be person’s last name, first name, nickname, initials, seal, stamp, engraving, or other symbol or mark that indicates the person’s intent can be binding. |
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Term
| Interpreting contract words and terms: ambiquity |
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Definition
| The parties to a contract may define the words and terms used in their contract. Many written contracts contain a detailed definition section-usually called a glossary-that defines many of the words and terms used in the contract. If the parties have not defined the words and terms in a contract, the courts apply the following standards of interpretation. |
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Term
| Ambiguities interpreted against party who drafted the contract |
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Definition
| If there is an ambiguity in a contract, the ambiguity will be resolved against the party who drafted the contract. |
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Term
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Definition
| rule that says if a written contract is a complete and final statement of the parties’ agreement, any prior or contemporaneous oral or written statements that alter, contradict, or are in addition to the terms of the written contract are inadmissible in court regarding a dispute over the contract. |
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Term
| Parol Evidence Rule: Exceptions |
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Definition
Parol evidence may be admitted in court if it:
- Shows that contract is void (evidence that contract was induced by fraud, misrepresentation, duress, undue influence, or mistake)
- explains ambiguous language, concerns a prior course of dealing or course of performance between the parties or a usage of trade
- fills in the gaps in a contract (ex: if a price term or time of performance term is omitted from a written contract, the court can hear parol evidence to imply the reasonable price or time of performance under the contract)
- corrects an obvious clerical/typo error (court can reform contract to reflect correction) |
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Term
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Definition
| --In many cases, the parties to a contract can transfer their rights under the contract to other parties. The transfer of contractual rights is called an assignment of rights or just an assignment. It’s the transfer of contractual rights by an obligee to another party. |
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Term
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Definition
| transfer of contractual duties by an obligor to another party for performance. An obligator who transfers his or her duty is called a delegator. The party to whom the duty is transferred is the delegatee. The party to whom the duty is owed is the obligee. |
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Term
| Intended third-party beneficiary |
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Definition
A third party who is not in the privity of contract but who has rights under the contract can enforce the contract against the promiser
- Ex: Living will. Kids are named in Will and benefit from it even though they don’t technically have a contract with the lawyer, but their dad does |
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Term
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Definition
Benefitting unintentionally
- Ex: a lady hired a painter to paint her house. Lady's neighbor also benefits from it bc the Lady's house makes the neighborhood look nicer upping the property value. |
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Term
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Definition
A condition whose occurrence or nonoccurrence of a specific event automatically excuses the performance of an existing contractual duty to perform. That is, failure to meet the condition subsequent relieves the other party from obligation under the contract
- Ex: natural disasters |
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Term
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Definition
a condition that exists when the parties to a contract must render performance simultaneously; each party’s absolute duty to perform is conditioned on the other party’s absolute duty to perform.
- Ex: I order something online. The company has a duty to deliver it, and I have a duty to pay for it. |
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Term
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Definition
A condition that can be implied from the circumstances surrounding a contract and the parties’ conduct
-Ex: contract in which a buyer agrees to purchase grain from a farmer implies that there are proper street access to the delivery site, proper unloading facilities, etc. |
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Term
| Complete (strict) Performance |
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Definition
| situation in which a party to a contract renders performance exactly as required by the contract. Complete performance discharges that party’s obligations under the contract. A fully performed contract is called an executed contract |
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Term
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Definition
Performance by a contracting party that deviated only slightly from complete performance. It occurs when there has been a minor breach of contract
- Ex: people get hired to make a $100 million building and they eff up the windows, which cost $10 million. As a result they are either paid the full amount, and have to replace the windows. Or they are paid $90 million and somebody else fixes them. |
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Term
| Material Breach of Contract |
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Definition
A breach that occurs when a party renders inferior performance on his or her contractual obligations that impairs or destroys the essence of the contract
- Ex: you contract someone to build a building, they build it badly and it is unsafe, you no longer have the duty to pay them and can require them to fix damages. In this case, that would be to tear down the hazardous building |
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Term
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Definition
A no breaching party’s legal duty to avoid or reduce damages caused by a breach of contract. The extent of mitigation required depends on the type of contract involved.
- Ex: if an employer breaches an employment contract, the employee owes a duty to mitigate damages by trying to find substitute employment |
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Term
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Definition
| An award of money intended to compensate a no breaching party for the loss of the bargain. Compensatory damages place the no breaching party in the same position as if the contract had been fully performed by restoring the “benefit of the bargain”. |
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Term
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Definition
| foreseeable damages that arise from circumstances outside a contract. To be liable for these damages, the breaching party must know or have reason to know that the breach will cause special damages to the other party. |
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Term
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Definition
| damages awarded when the no breaching party sues the breaching party even though no financial loss has resulted from the breach. Nominal damages are usually $1 or some other small amount. |
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Term
| Liquidated Damages Clause |
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Definition
| damages that parties to a contract agree in advance should be paid if the contract is breached. |
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Term
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Definition
a type of liquidated damage in which actually damages are clearly determinable in advance or if the liquidated damages are excessive
- Ex: when you get your drivers license you know there are certain things that result in penalty. You get in an accident and receive a $500 ticket, and you also have to pay for “actual damages” resulting from the car accident |
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Term
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Definition
| a remedy that orders the breaching party to perform the acts promised in the contract. Specific performance is usually awarded in cases in which the subject matter is unique, such as in contracts involving lane, heirlooms, and paintings. |
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Term
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Definition
A licensing agreement is a detailed and comprehensive written agreement between a licensor and a licensee that sets forth the express terms of their agreement. A licensor is the owner who transfers rights in the property or information to the licensee. An exclusive license is one that grants the licensee exclusive rights to use informational rights for a specified duration.
-Ex:Mary Kay cosmetics. Owner gives certain rights to a Mary Kay cosmetic representatives like information, resources, and such. Right to sell their product. |
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Term
| Click-On Agreement (Click-wrap) |
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Definition
A contract used by many software companies to sell their software over the internet or in physical packages where the software is later installed on a computer
- Ex: Clicking on the "I Agree" box on a webpage |
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Term
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Definition
| An agreement that comes into play only after you've opened the packaging of the product |
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Term
Short Essay/Answer, Fill-in-Blank
Statute of Frauds |
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Definition
| required certain types of contracts to be in writing. Purpose is to make sure that the terms cannot be alter, or fabricated or misunderstood. |
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Term
Short Essay/Answer, Fill-in-Blank
Contracts Involving Transfers of Interest in Land |
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Definition
- must be in writing to be enforceable
- Real Property= trees, soil, rocks, built in cabinets...things that cannot be moved.
Contracts:
- Mortgages:often give a lender an interest in real property as security for the repayment of a loan.
- Lease--The transfer of the right to use real property for a specified period of time.
- . Life estates--The person has an interest in the real property for the person’s lifetime, and the interest will be transferred to another party on that person’s death.
- Easement--a given or required right to use another person’s land without owning or leasing it. |
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Term
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Definition
A rule which states that an executory contract that cannot be performed by its own terms within the one year of its formation must be in writing.
- intended to prevent disputes |
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Term
Short Answer/Essay, Fill-in Blank
Promises Made in Consideration of a Promise to Marry |
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Definition
Under the statute of frauds, a unilateral promise to pay money or property in consideration for a promise to marry must be in writing
- Ex: Pre-nup |
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Term
Short Answer/Essay, Fill-in-Blank
Contracts for Sale of Goods $500 or more/$5,000 or more |
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Definition
| A section of the Uniform Commercial Code which states that sales contracts for the sale of goods costing $500 or more must be in writing. The most recent revision to UCC 2-201 requires that contracts for the sale of goods costing $5,000 or more must be in writing to be enforceable |
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Term
Short Answer/Essay, Fill-in-Blank
Four Requirements of a contract |
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Definition
1. Agreement--there must be an agreement between the parties in regards to offers and acceptances of offers
2. Consideration--The promise must be supported by a bargained-for consideration that is legally sufficient. (i.e.: $, personal property, services, etc.)
3. Contractual capacity--The parties to a contract must have contractual capacity for the contract to be enforceable against them
4. Lawful object--the object of the contract must be lawful |
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Term
Short Answer/Essay, Fill-in-Blank
Implied in-law Contract
(Quasi Contract) |
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Definition
allows a court to award monetary damages to a plaintiff for providing work or services to a defendant even though no actual contract existed between the parties
Quasi Contract imposed when:
1. A person confers a benefit on another, who retains the benefit
2. It would be unjust not to require that person to pay for the benefit received
Ex: unconscious lady in the car crash that receives medical care necessary to save her life while she is knocked out, and then she wakes up and refuses to pay the doctors for services rendered. |
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Term
Short Answer/Essay, Fill-in-Blank
Promissory Estoppel/Detrimental Reliance |
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Definition
equitable doctrine that prevents the withdrawal of a promise by a promisor if it will adversely affect a promisee who has adjusted his or her position in justifiable reliance on the promise
- used to provide a remedy to a person who has relied on another person’s promise when that person withdraws his or her promise and is not subject to a breach of contract action because one of the two elements contract requirements (I.e. agreement or consideration) is lacking
To Sue someone, following elements must be shown:
- Promisor made a promise
- promisor should have reasonably expected to induce the promise to reply on the promise.
- promisee actually relied on the promise and engaged in an action or forbearance of a right of a definite and substantial nature.
- Injustice would be caused if the promise were not enforced.
Ex: being promised a unit in an apartment complex, selling your former home and then the Real-Estate agent for the apartment backs out of the promise |
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Term
Short Answer/Essay, Fill-in-Blank
Unconscionable Clause/Contract |
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Definition
A contract that courts refuse to enforce in part or at all because it is so oppressive or manifestly unfair as to be unjust
Ex: when and uneducated, or elderly person gets taken advantage of and it is manifestly unfair |
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Term
Short Answer/Essay, Fill-in-Blank
Exculpatory Clause |
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Definition
| A contractual provision that relieves one (or both) parties of a contract from tort liability for ordinary negligence. Also known as a release of liability clause. It cannot be used in a situation involving willful conduct, intentional torts, fraud, recklessness, or gross negligence |
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Term
Short Answer/Essay, Fill-in-Blank
Assignment |
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Definition
| transfer of contractual rights by an obligee to another party |
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Term
Short Answer/Essay, Fill-in-Blank
Force Majeure Clause |
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Definition
| clause in a contract in which the parties specify certain events that will excuse nonperformance. It usually excuses nonperformance caused by natural disasters such as floods, tornadoes, earthquakes, and the such. Modern clauses also excuse performance due to labor strikes, shortages of raw materials |
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Term
Short Answer/Essay, Fill-in-Blank
Cyber Squatting |
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Definition
register internet domain names of famous companies and people and hold them hostage by demanding ransom payments from the famous company or person
- 1. The name must be famous and
- 2. The domain must have been registered in bad faith.
Thus, the law prohibits the act of cyber squatting itself if it is done in bad faith. |
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Term
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Definition
the owner of a trade secret is obligated to take all reasonable measures to prevent that secret from being discovered by others. If the owner fails to take such actions, the secret is no longer subject to protection under state unfair competition laws.
- Precautions to protect a trade secret may include fencing in buildings, placing locks on doors, hiring security guards, and the like. A competitor can lawfully discover a trade secret by performing reverse engineering. |
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Term
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Definition
| a mark owned by an organization (such as an association) whose members use it to identify themselves with a level of quality or accuracy, geographical origin, or other characteristic set by the organization |
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Term
Copyright Protection
- What can be protected?
- How long? |
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Definition
Provides incentive for authors to create, increasing creativity.
- Only tangible writings can be protected
- Individuals are granted copyright protection for their life plus 70 years - Copyrights owned by businesses are protected for the shorter of either; a. 95 years from the year of first publication. B. 120 years from the year of creation. |
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Term
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Definition
the formal charge of a crime that is necessary before a person can be brought to trial
- Grand Jury needs to determine if there is sufficient evidence to hold the accused for trial, and issues an indictment |
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Term
| Effect of Obvious Anger, Jest, or Undue Excitement |
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Definition
| when forming a contract, a reasonable person (an observer of the contract being made)would say that one of the people made the contract with obvious anger, jest, or excitement, then there is no contract because the guy was bein all crazy and stuff |
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Term
| Authorized Means of Communication for Acceptance |
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Definition
1. Proper Dispatch: the proper addressing, packaging, and posting of an acceptance
2. Express Authorization: a stipulation in an offer that says the acceptance must be through a specified means of communication
3. Implied Authorization: a mode of acceptance that is implied from what is customary in similar transactions, usage of trade, or prior dealings between the parties |
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Term
| Acceptable Means of Communication for Acceptance |
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Definition
Mail Box Rule: rule that states that an acceptance is effective when it is dispatched, even if it is lost in transmission
- a.k.a. acceptance-upon-dispatch rule |
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Term
| Legal Sufficiency vs. Adequacy of Consideration |
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Definition
and illegal consideration is a promise to refrain from doing an illegal activity
- Ex: I will not drink alcohol until I'm 21 if you pay me $1,000
Such a promise is not enforceable |
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Term
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Definition
| a condition that requires that occurrence of an event before a party is obligated to perform a duty under contract |
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Term
Short Essay/Answer, Fill-in-Blank
Collateral Contracts |
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Definition
one person agrees to answer for the debts or duties of another person
- a.k.a. Guarantor Contract
- Ex: when I applied for a credit card, dad agreed to be my guarantor in case I wasn't able to make payments. |
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