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BUSINESS LAW
UNIT 2
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CH. 10-14
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BUSINESS CONTRACTS
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(TERMINOLOGY- CUT AND PASTE APPROPRIATE
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Heath Duncan
Business Law
Contracts
Chapters 10-14
Those who are under the age of majority.
The ability to understand that a contract is being made and its general meaning.
Ending a contract when both parties give back the consideration.
The age at which a person can be legally bound to contracts.
The severing of the child-parent relationship.
Not having the ability to understand the consequences of contractual acts.
Mental impairment caused by voluntary use of alcohol, drugs, or inhalants.
Within the range of acts an organization has authorized a party to do.
Acting toward a contract as though one intends to be bound by it.
Things needed to maintain life and lifestyle.
Things that are relative luxuries.
An agreement with three elements: payment to participate, a chance to win based
on luck rather than on skill, and a prize for one or more winners.
A bet on the uncertain outcome of an event.
Lending money at a rate higher than the state’s maximum allowable rate.
A license required by a state to ensure that persons in certain occupations and
businesses are competent.
A license required only to raise revenue rather than to protect the public.
Age of Majority
Wager
Capacity
Usury
Disaffirmance
Revenue License
Emancipation
Ratification
Intoxication
Non-Necessaries
Mental Incapacity
Necessaries
Minors
Gambling
Scope of Authority
Competency License
Page 1 of 3
Business Law
Contracts
Chapters 10-14
The act when competing firms agree on the same price to be charged for a
product or service.
The act when competing firms who bid on jobs agree that one bidder will have the
lowest bid for a particular job.
Recovery of a payment.
Gross unfairness in a contract that parties under ordinary circumstances would
not accept.
Lying under oath.
Statutes that require certain contracts to be evidenced by a signed writing in order
to be enforceable in court.
A contract that has been fully performed.
A contract that has not been fully performed.
A contract in which some element of an enforceable contract is missing but the
court enforces it as if it were a contract in order to prevent unjust enrichment of
one party.
A promise to answer for the debt or default of another.
A rule that bars testimony about what was said prior to the execution of the final
writing or at the time of signing.
Contracts in which the more powerful party dictates all the important terms.
Something a party will receive under a contract.
A party who transfers a contractual right to another.
A party who receives a transferred contractual right.
The fulfillment of contractual promises as agreed.
Contractual duties transferred to another party.
Executory Contract
Executed contract
Parol Evidence Rule
Contractual Rights
Performance
Contractual Duties
Perjury
Contracts of Adhesion
Price Fixing
Collateral Promise
Quasi-Contract
Bid Rigging
Restitution
Assignor
Statute of Frauds
Assignee
Unconsionability
Page 2 of 3
Business Law
Contracts
Chapters 10-14
One who owes a duty under a contract.
A termination of duties that ordinarily occurs when the parties of a contract perform as promised.
Failure to provide complete performance.
Ending a contract for sale of goods because of breach.
A failure to perform.
Notification, before the scheduled time of performance, of refusal to perform contractual terms as
agreed.
Discharging a contract by replacing it with a new one.
An agreement to change the obligation required by a contract.
Performance of a new obligation in an accord.
Releasing the other party from the duty of performance and accepting a substitute party.
A material change in the terms of a written contract without consent of the other party.
An offer to perform an obligation.
Currency or coins.
The action or procedure followed to enforce a right or to get damages for an injury to a right.
Restoring or making good a loss.
Amount of money awarded to compensate for a plaintiff’s loss.
Money awarded to a party for foreseeable injuries caused by the other party’s breach.
Damages agreed upon before a possible breach of contract.
Money a court requires a defendant to pay in order to punish and make an example of the
defendant.
A small amount granted in recognition of the rights that have been violated.
Intentionally and explicitly giving up a contractual right.
A legal proceeding whereby a debtor’s assets are distributed among his or her creditors to
discharge the debts.
Accord
Anticipatory Breach
Breach of Contract
Cancellation
Default
Discharge
Obligor
Substitution
Tender
Satisfaction
Restitution
Remedy
Novation
Legal Tender
Compensatory Money Damages
Alteration
Page 3 of 3
Bankruptcy
Consequential money damages
Liquidated Money Damages
Nominal Damages
Punitive Damages
Waiver