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31 Cards in this Set
- Front
- Back
Privity of Contract |
the relationship that exists between parties to a contract |
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Exemption Clause |
a clause in a contact that exempts or limits the liability of a party |
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Trust |
an agreement that transfers property to a person who administers it for the benefit of another perosn |
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Benefricial owner |
a person who is although not the legal owner may compel the trustee to provide benefits to him |
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Resulting Trust |
a trust relationship recognized when the conduct of the parties demonstrates the intention to hold the property for the benefit of another. |
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Constructive trust |
a trust relationship imposed by the court to prevent a party from being unjustly enriched by keeping property that should benefit another. |
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Enurement clause |
a clause in a contact that extends the rights and benefits to those inheriting from a part succeeding the party or taking assignment from a party |
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assignment |
the transfer by a party of its unperformed rights under a contact to a 3rd party |
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assignor |
a party that assigns its rights under a contact to a 3rd party |
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assignee |
3rd party to whom rights under a contact have been assigned |
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equitable assignment |
all 3 parties that the assignee, assignor and promiser all must be party of the legal actions |
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statutorily assignment |
an assignment that complied with the statutory provisions enabling the assignee to sue the other party without joining the assignor to an action |
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Set off |
the right of a promisor to debut on the existing debt owed to him by the promisee |
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Chose in action |
rights to intangible property such as patents |
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choses in possession |
rights to tangible property which may be processed physically |
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common mistake |
both parties believe the same wrong fact |
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mutual mistake |
both parties are mistaken but believe something diffrent |
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unilateral mistake |
one party is mistaken and the other knows the truth |
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rectification |
correction of a written document to reflect accurately, the contact made by the parties |
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void |
never formed at all |
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voidable |
court decide if its equitable to set a side a contract or not |
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narrow meaning |
not an error in judgement but an error with respect to the terms of the contact |
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Non est Factum |
its not my doing |
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Guarantee |
a promise to answer for a debt, default or miscarriage of another. |
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idmemity |
a promise by a 3rd party to be primary liable to pay the debt ex) get a coffee i will pay for it |
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Strict/Plain meaning approach |
restricts interpretation to the ordinary or dictionary meaning of a word |
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Liberal approach |
looks to the intent of the parties and surrounding circumstances, and tends to min, but not ignor the importance of the words actually used |
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Contra Proferentem |
a rule of contract interpretation of a clause that is least favorable to the party who drafted the clause |
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Parole Evidence rule |
prevents a party to a written contact too add, subtract parol evidence to the final written contact |
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Collateral Agreement |
separate agreement between the parties made at the same time , but not included in the written contact |
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Condition Precedent |
any sets of circumstances/ events that parties stipulate must be satisfied |