Learn With Interactive Contract Law Terms Flashcards

Contract Law Terms flashcards are a set of study tools designed to help learners understand and memorize important terms and concepts related to contract law. These flashcards typically include key terms, definitions, and examples to aid in comprehension.

The subject of Contract Law Terms flashcards revolves around the legal principles and rules that govern agreements between parties. This includes topics such as offer and acceptance, consideration, capacity, and legality. Understanding these terms is crucial for anyone studying or working in the field of contract law.

Learn Contract Law Terms With Flashcards

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quick facts

Contracts: Contracts are agreements between two or more parties that are enforceable by law.
Offer and Acceptance: For a contract to be valid, there must be a clear offer made by one party and acceptance of that offer by the other party.
Consideration: Consideration is something of value exchanged between parties, such as money or services, to make a contract legally binding.
Breach: A breach of contract occurs when one party fails to fulfill their obligations under the agreement, which can lead to legal consequences.
Remedies: If a contract is breached, the non-breaching party may seek remedies such as damages (financial compensation) or specific performance (enforcement of the contract terms).

card list

Front	Back
Offer	An offer is a proposal made by one party to another, expressing a willingness to enter into a contract.
Acceptance	Agreeing to the terms of a contract.
Consideration	Consideration: Something of value exchanged between parties in a contract.
Capacity	Capacity – The ability to make decisions for oneself.
Legality	Adherence to laws and regulations.
Mutual assent	Mutual assent: Both parties agree to the terms of a contract.
Breach of contract	Breaking a promise made in a contract.
Repudiation	Refusing to fulfill a contract or agreement.
Performance	Performance: Carrying out a task or duty as required by a contract or agreement.
Damages	Money awarded to compensate for harm or loss suffered.
Remedies	Remedies: Solutions or actions that a court can order to fix a legal problem.
Force majeure	Unforeseeable circumstances that prevent a party from fulfilling a contract.
Impossibility	Impossibility – when something cannot be done or achieved.
Frustration of purpose	Frustration of purpose: When something happens that makes it impossible to achieve the original goal of a contract.
Statute of frauds	Requirement that certain contracts must be in writing to be enforceable.
Parol evidence rule	The parol evidence rule says that oral agreements made before a written contract are not allowed to change the terms of the written contract.
Rescission	Rescission: Canceling or undoing a contract.
Novation	Novation: When one party in a contract is replaced with a new party with the consent of all involved.
Assignment	Assignment: Transferring rights or responsibilities from one person to another.
Third-party beneficiary	Someone who benefits from a contract made between two other parties.