Contracts

A legally binding agreement between two or more parties, outlining their rights and obligations.

The burden of proof in a civil case; a plaintiff must show that their claim is more likely true than not (51% or greater).

Two components of mutual assent, signifying a clear agreement between parties.

Something of value exchanged by the parties in a contract, which is essential for a contract to be enforceable.

The legal system developed through court decisions, primarily for service-related agreements.

A set of laws standardizing commercial transactions governing the sale of goods.

A contract where each party makes a promise to the other.

A contract that one party may terminate for a specific legal reason.

A contract that is not legally binding because of a major problem.

Underage person who lacks contractual capacity and can disaffirm contracts(at least typically).

One party makes a promise in exchange for another party's performance.

Contracts where all material terms are stated explicitly by the parties.

Contracts where the terms are inferred from the actions and words of the parties.

Contract formed based on a promise, where one party relied on the promise to their detriment.

Contract formed when one party benefits unfairly (or unjustly) without an agreement.

A contract to keep an offer open for a set period in exchange for payment.

Set of laws governing contracts for the sale of goods.

Set of laws governing contracts for services.

Agreement between parties to enter into a contract.

Something of value exchanged by each party in a contract.

A manifestation of willingness to enter into a bargain, with definite terms.

Offeree's agreement to the terms of an offer.

Acceptance must be on exactly the same terms as the offer.

Acceptance is effective upon dispatch.

Offeror taking back an offer.

Offeree declining an offer.

Offer terminates after a specified time period.

Offer terminates due to an event beyond the parties' control.

The inducement, price, or promise that motivates a person to enter a contract, forming the basis of the exchange.

A legal benefit to the promisor or a legal detriment to the promisee.

The mutual promises exchanged between the parties in a contract.

A promise where one party has complete discretion over whether or not to perform.

Performing a duty already legally obligated to do is not consideration.

An act done before a contract is formed cannot be consideration.

A debt with an agreed-upon amount owed.

A debt with a disputed amount owed, or whether debt exists at all.

An agreement to settle a disputed debt for less than the full amount, and the full payment in accordance to the new, agreed upon amount.

A contract that cannot be legally enforced in California due to a legal issue.

A clause in a contract that specifies which state's law will govern the agreement.

Legal mandates requiring certain professions to have licenses to operate.

Laws that prevent charging excessively high interest rates on loans.

Agreement forbidding a party from competing with another in a specific area or timeframe after leaving a business relationship.

A non-compete agreement is valid when the time, geographic, and service restrictions are reasonable and necessary to protect the other party's legitimate interests.

The fundamental principles of law that govern what society considers to be fair and ethical, especially about specific conduct.

Confidential information with economic value that is kept secret by a business.

Contract language releasing a party from liability for injuries or damages.

Unfair bargaining tactics used to create an unfair contract.

Contract terms that are extremely one-sided or unfair.

UCC rule specifying how different terms in acceptance of a contract affect the agreement.

Changes to the contract after it is initially formed.

Contract terms that are standard and widespread, usually drafted by attorneys in legal forms or services.

An event that must occur before a contract obligates a party to do something

A promise in a contract about certain facts or conditions being true.

A statement of a fact (past or present) that's used to get someone to enter into contract.

Essential terms in a contract, such as payment and services.

A promise to hold a party harmless in case of a breach.

Time for a breaching party to fix a minor problem in a contract.

Changes to a contract requiring a separate, signed agreement.

The state's laws that apply to a contract.

Location where a contract dispute is resolved in court.

Alternative dispute resolution method outside of court.

A party must fully perform its duties as outlined in the contract, or else they are in breach.

Legal costs potentially awarded to the winning party.

A clause in a contract specifying that performance by a certain date is critical.

Ambiguities in contracts are not interpreted against the drafting party.

If one part of a contract is invalid, the rest remains enforceable.

A situation where a party has completed only a portion of the agreed-upon work.

Unforeseen events that temporarily suspend contract performance.

A party's performance that is almost complete, but with minor defects.

All previous agreements are incorporated into a contract.

Defects in performance that are not significant enough to be considered a breach.

One party benefits significantly at the expense of another, not rightfully.

Something of value exchanged by the parties in a contract.

Some contracts must be written to be enforceable.

A requirement that parties act reasonably and in good faith during contract performance.

Contracts involving subjective judgment; performance must meet a specific standard.

Acronym for contracts requiring a written form.

A contract unenforceable due to major problems (e.g., illegal subject matter).

Contracts relating to land or property interests must be written.

Right to use another's land.

A contract that one party can choose to cancel or enforce.

Person responsible for distributing an estate.

The legal ability to enter into a contract.

Minors typically lack the legal ability to enter into contracts.

Promise to pay another's debt.

Contracts over $500 for goods require a written form.

Minor's right to cancel a contract.

A person's inability to understand a contract's meaning or consequences.

Buyers/sellers who regularly deal in specific types of goods.

Failure to fulfill the agreed-upon obligations.

Deliberate misrepresentation of a material fact.

A situation where only one party has a mistaken belief.

Partial fulfillment of obligations that may warrant payment.

A situation where both parties share a common mistaken belief.

The use of improper threats to force a party to enter a contract.

Persuasion that overwhelms a party's free will.

Using someone's vulnerability to your advantage in a contract. Courts consider pre-existing trust relationships.

An event that must happen before a contract duty arises.

A condition specifically stated in a contract.

A condition understood from the actions or nature of a contract, often includes warranties.

An unwritten promise about the quality or fitness of goods or services.

A condition that terminates a duty to perform a contract.

Conditions that must be performed at the same time.

A defense where a party cannot perform their contractual duty.

A defense for extraordinary difficulty or unfairness in performing a contract.

A contract is no longer worthwhile due to an unanticipated event.

Time limit for filing lawsuits for breach of contract.

Someone who benefits from a contract but is not a party to it.

A third party who can enforce a contract if the parties intended for them to benefit.

Transferring contract rights or benefits to someone else.

Transferring contract obligations to someone else.

Set of laws governing contracts for the sale and lease of goods.

A court order requiring someone to do or not do something.

Harm that cannot be fixed by money.

Giving up the right to an injunction in a contract.

Court order to rewrite part of a contract.

Court order to cancel a contract.

Injured party's duty to minimize losses.

Small sum awarded for a breach with no demonstrable harm.

Pre-agreed damages in a contract.

Opportunity to fix contract breach.

Damages designed to punish (not in contract cases).

Buyer's right to reject non-conforming goods.

Seller's options against a buyer's breach.

Honesty and fair dealing required in contract performance.

Contracts for the sale of goods, governed by the Uniform Commercial Code (UCC).

Higher standard of conduct for merchants in UCC contracts, emphasizing good faith and fair dealing.

UCC allows for open terms, like delivery dates, in contracts, but quantity must be specified.

UCC contracts for goods exceeding $500 usually need a written form, with exceptions for specially manufactured goods or merchant agreements that aren't disputed promptly.

New terms added after the initial agreement might be added to the contract under the UCC if both parties agree, different terms are superseded, or the court creates gap-fillers.

Price can be left open in a UCC contract; as long as it's reasonable and negotiated in good faith.

UCC contracts can be modified without new consideration, unlike common law.

In shipping contracts, parties can allocate the risk of damaged goods during transit however they wish.

Monetary damages that place the injured party in the position they would have been in had the contract been fulfilled.

Damages compensating for harm directly resulting from a breach of contract.

Damages for losses caused by the unique circumstances of the injured party because of a contract breach.

Minor expenses associated with the injured party's attempt to recover from a breach.

Damages designed to return the injured party to their pre-contract position; focus on expenses made before the breach.

Damages awarded to an injured party for the benefit they provided to the other party.

Court order requiring a party to perform their contractual obligations (certain contracts only).

Court order prohibiting a party from performing a certain action.

Non-monetary remedies like specific performance or injunctions.