Glossary of Contract Action Terms
Create Contracts and Evidence examples like this template called Glossary of Contract Action Terms that you can easily edit and customize in minutes.
Text in this Example:
Glossary of Contract Action Terms
A gambling contract
Having two or more meanings. Not clear; vague.
A contract entered into before marriage to determine control over disposition of the individual assets of each party.
The submitting of a matter in dispute to the judgment of disinterested persons(s), called arbitrators, whose decision is binding upon the parties.
A transfer of a contractual right.
Where it is contemplated by the offeror that the offeree shall make a return promise to give certain performance.
Chose in Action
A right to demand by action a debit or sum of money.
A type of condition precedent which exists when the parties to a contract are bound to render performance at the same time.
A condition which delays the establishment of a right until a specified event has happened.
A condition which has the effect of terminating liability for a breach which has already occurred.
That which is bargained for and given in exchange for a promise
Conditions which do not arise out of the agreement of the parties but are imposed by the Courts as a matter of fairness and justice
A manifestation by the offeree of a present willingness to deal on different terms.
A third party qualifies as a creditor beneficiary where no purpose to make a gift appears and performance by the promisor will satisfy an obligation owing by the promisee to the beneficiary
An unsettled assertion of a right.
A contract wherein the performance of the parties is divided into two or more separate units, and performance of each part by one party is the agreed exchange for a corresponding performance by the other Party.
A third party qualifies as a donee beneficiary where it appears that the intent of the promisee in obtaining the promisor's promise of performance is to make a gift to the beneficiary.
Having two or more meanings; purposely ambiguous
An admission or declaration by which a person is prevented from bringing evidence to controvert it, or prove the contrary.
An assignment for which no consideration is given
A promise for which the promisor does not bargain for anything in exchange for his promise.
One which by its terms imposes no obligation upon the person making it.
A third person who will benefit from performance of a contract, but who does not qualify as a donee or creditor beneficiary.
The state of one who has no property sufficient for the full payment of his debts, or who is unable to pay his debits as they fall due in the usual course of business.
Incapable of being revoked.
Unilateral contracts: promisee is doing something which he was not previously obligated to do, or is giving up a legal right.
Bilateral contracts: each promisee is promising to do something which he was not previously obligated to do, or is promising to give up a legal tight.
Fixed; ascertained. The exact amount that must be paid.
Mortgage, -ee, -or
A conveyance of property, real or personal, to a person called the mortgagee, to secure the performance of some act, such as the payment of money, by the mortgagor.
A new contract which works on immediate discharge of a preexisting contractual duty and creates a new duty in its stead.
A power or right to choose which has been "paid for."
Recovery based upon the theory that the defendant has been unjustly enriched at the plaintiff's expense and that, as a matter of fairness, the defendant should reimburse the plaintiff for the benefit conferred.
The correction of an instrument so as to make it express the true intentions of the parties.
A manifestation by the offeree that he does not intend to accept the offer or to give it further consideration.
An apparent inability to perform.
Rescinding or putting an end to a contract by the parties, or one of them.
A restoring of whatever benefits have been conferred under a contract.
A manifestation by the offeror that he no longer intends to enter into the proposed contract.
Where it is contemplated by the offeror that he shall not be bound by his offer until he has received performance by the offeree.
The amount that must be paid is not ascertained.
Originally, interest charged for the use of money. Now, illegal interest only.
One to whom anything is sold.
One who sells anything.
Of imperfect obligation, so that it may be legally annulled or, on the other hand, cured or confirmed at the option of one of the parties.
A surrendering of a right to decline to take advantage of.