Term
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Definition
| contract law developed by state courts |
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Term
| Uniform Commercial Code (UCC) |
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Definition
| a comprehensive statutory scheme that includes laws covering aspects of commercial transactions |
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Term
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Definition
| the sale of goods and services by computer over the internet |
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Term
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Definition
| a contract that is entered into by email and over the World Wide Web |
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Term
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Definition
| an agreement that is enforceable by a court of law or equity. |
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Term
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Definition
| a contract in which if one party fails to perform as promised, the other party can use the court system to enforce the contract and recover damages or other remedy. |
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Term
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Definition
1. agreement
2. consideration
3. contractual capacity
4. lawful object |
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Term
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Definition
| the party who makes an offer to enter into a contract |
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Term
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Definition
| the party to whom an offer to enter into contract is made. |
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Term
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Definition
| the manifestation by two or more persons of the substance of a contract. |
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Term
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Definition
| the manifestation of willingness to enter into a bargain, so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it. |
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Term
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Definition
| withdrawal of an offer by the offender which terminates the offer. |
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Term
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Definition
| Express words or conduct by the offeree that rejects an offer. rejection terminates the offer |
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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 an offer |
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Term
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Definition
| a manifestation of assent by the offferee to the terms of the offer in a manner invited or required by the offer as measured by the objective theory of contracts. |
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Term
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Definition
| a rule that states that for an acceptance to exist, the offeree must accept the terms as stated in the offer |
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Term
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Definition
| an agreement that is expressed in written or oral words |
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Term
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Definition
| a contract in which agreement between parties has been inferred from their conduct |
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Term
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Definition
| something of legal value given in exchange for a promise |
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Term
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Definition
| a promise that is unenforceable because it lacks consideration |
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Term
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Definition
| a doctrine that allows minors to disaffirm (cancel) most contracts they have entered into wit adults |
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Term
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Definition
| a contract to perform an illegal act; cannot be enforced by either party to the contract |
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Term
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Definition
a state statute that requires certain types of contracts to be in writing.
1. contracts involving interests in Real Property
2. One-Year Rule
3. Formality of the writing
4. required signature |
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Term
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Definition
| a contracting party's failure to perform on absolute duty owed under a contract. |
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Term
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Definition
| an unconditional promise to perform |
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Term
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Definition
| a condition that requires the occurrence of an event before a party is obligated to perform a duty under a contract. |
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Term
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Definition
| a 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. |
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Term
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Definition
| performance by a contracting party that deviates only slightly from complete performance. |
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Term
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Definition
| a breach that occurs when a party renders substantial performance of his or her contractual duties. |
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Term
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Definition
| a situation in which a party fails to perform express or implies contractual obligations and impairs or destroys the essence of the contract. |
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Definition
| a breach that occurs when a party renders inferior performance of his or her contractual duties. |
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Term
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Definition
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Term
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Definition
| an award of money intended to compensate a nonbreaching party for loss of the bargain. compensatory damages place the nonbreaching 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 the 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 to which 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 nonbreaching party's legal duty to avoid or reduce damages caused by a breach of contract. |
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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 usually is awarded in cases where the subject matter is unique, such as in contracts involving land, heirlooms, and paintings. |
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Term
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Definition
| a court order that prohibits a person from doing a certain act. |
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Definition
| an equitable doctrine that permits the court to rewrite a contract to express the parties' true intentions. |
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Term
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Definition
| an equitable doctrine whereby a court may award monetary damages to a plaintiff for providing work or services to a defendant even though no actual contract existed. |
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Term
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Definition
| a doctrine that permits judges to make decisions based on fairness, equality, moral rights, and natural law. |
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Term
| Article 2 (Sales) of the UCC |
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Definition
| An article of the UCC that governs the sale of goods. |
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Term
| Article 2A (leases) of the UCC |
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Definition
| and article of the UCC that governs the lease of goods. |
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Term
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Definition
| a contract that transfers limited rights in intellectual property and informational rights |
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Term
| Electronic Signature in Global and National Commerce Act (E-Sign Act) |
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Definition
| a federal statue that recognizes that electronic contracts, or e-contracts, meet the writing requirement of the Statute of Frauds and gives electronic signatures, or e-signatures, the same force and effect as pen-inscribed signatures on paper |
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Term
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Definition
| an owner of intellectual property or informational rights who transfers rights in the property or information to the licensee. |
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Term
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Definition
| a party who is granted limited rights in or access to intellectual property or informational rights owned by a licensor. |
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Term
| Uniform Computer Information Transactions Act (UCITA) |
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Definition
| a model state law that creates contract law for the licensing of information technology rights. |
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Term
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Definition
| a detailed and comprehensive written agreement between a licensor and a licensee that sets forth the express terms of their agreement. |
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