Flashcards - Contract Law Basics

Flashcards - Contract Law Basics
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executory contract
An executory contract is a contract that has not yet been fully performed, that is to say, fully executed
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unjustly enriched
Unjust enrichment is a legal concept referring to situations in which one person is enriched at the expense of another in circumstances which the law treats as unjust
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purchase order
A purchase order is a commercial document and first official offer issued by a buyer to a seller, indicating types, quantities, and agreed prices for products or services
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consideration
Consideration is the concept of legal value in connection with contracts
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quasi-contract
In common law jurisdictions, the law of quasi-contract can be traced to the medieval form of action known as indebitatus assumpsit
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contract
A contract is a voluntary arrangement between two or more parties that is enforceable at law as a binding legal agreement
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contract
A contract is a voluntary arrangement between two or more parties that is enforceable at law as a binding legal agreement
quasi-contract
In common law jurisdictions, the law of quasi-contract can be traced to the medieval form of action known as indebitatus assumpsit
consideration
Consideration is the concept of legal value in connection with contracts
purchase order
A purchase order is a commercial document and first official offer issued by a buyer to a seller, indicating types, quantities, and agreed prices for products or services
unjustly enriched
Unjust enrichment is a legal concept referring to situations in which one person is enriched at the expense of another in circumstances which the law treats as unjust
executory contract
An executory contract is a contract that has not yet been fully performed, that is to say, fully executed
specific performance
Specific performance is an order of a court which requires a party to perform a specific act, usually what is stated in a contract
mailbox rule
The posting rule is an exception to the general rule of contract law in common law countries that acceptance of an offer takes place when communicated
mirror image rule
In the law of contracts, the mirror image rule, also referred to as an unequivocal and absolute acceptance requirement, states that an offer must be accepted exactly with no modifications
statute of frauds
The statute of frauds refers to the requirement that certain kinds of contracts be memorialized in a writing, signed by the party to be charged, with sufficient content to evidence the contract
implied contract
An implied-in-fact contract is a contract agreed by non-verbal conduct, rather than by explicit words
lease contract
A lease is a contractual arrangement calling for the lessee to pay the lessor for use of an asset
letter of intent
A letter of intent may be presented by one party to another party and subsequently negotiated before execution If carefully negotiated, an LOI may serve to protect both parties to a transaction

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