ACC205 Unit 2 Vocab PDF

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ACC205 Unit 2 Vocab...

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Unit Two Vocabulary Acceptance

Accord and satisfaction Assignment

Assumption of risk

Beyond a reasonable doubt

Bilateral contract Breach of Contract

Bribery Burglary Capacity

Clear and Convincing Comparative Negligence

In contract law, the offeree’s notification to the offeror that the offeree agrees to be bound by the terms of the offeror’s proposal. Although historically the terms of acceptance had to be the mirror image of the terms of the offer, the Uniform Commercial Code provides that even modified terms of the offer in a definite expression of acceptance constitute a contract. The purchase of a release from debt obligation The act of transferring to another all or part of one’s rights arising under a contract. // RIGHTS A defense against negligence that can be used when the plaintiff was aware of a danger and voluntarily assumed the risk of injury from that danger. The standard used to determine the guilt or innocence of a person criminally charged. To be guilty of a crime, one must be proved guilty “beyond and to the exclusion of every reasonable doubt.” A reasonable doubt is one that would cause a prudent person to hesitate before acting in matters important to him or her. A type of contract that arises when a promise is given in exchange for a return promise. The failure, without legal excuse, of a promisor to perform the obligations of a contract. Offering money to advance oneself The unlawful entry into a building with the intent to commit a felony. One of the four elements, you can understand the consequences of the contract (minors, intoxicated, and mentally incompetent do not have capacity) What a contract must be to be enforceable A theory in tort law under which the liability for injuries resulting from negligent acts is

Compensatory Damages

Consideration

Contributory Negligence

Conversion

Counteroffer

Delegation

Disaffirmance Duress

Elements of a Contract Embezzlement

Entrapment

shared by all parties who were negligent (including the injured party), on the basis of each person’s proportionate negligence. A money award equivalent to the actual value of injuries or damages sustained by the aggrieved party. Generally, the value given in return for a promise or a performance. The consideration, which must be present to make the contract legally binding, must be something of legally sufficient value and bargained for. A theory in tort law under which a complaining party’s own negligence contributed to or caused his or her injuries. Contributory negligence is an absolute bar to recovery in a minority of jurisdictions. The wrongful taking, using, or retaining possession of personal property that belongs to another. - - converting another’s property into your own An offeree’s response to an offer in which the offeree rejects the original offer and at the same time makes a new offer. The transfer of a contractual duty to a third party. The party delegating the duty (the delegator) to the third party (the delegatee) is still obliged to perform on the contract should the delegatee fail to perform. The legal avoidance, or setting aside, of a contractual obligation. Unlawful pressure brought to bear on a person, causing the person to perform an act that he or she would not otherwise perform. Agreement, Consideration, Contractual Capacity, Legality The fraudulent appropriation of funds or other property by a person to whom the funds or property has been entrusted. In criminal law, a defense in which the defendant claims that he or she was induced by a public official—usually an undercover agent or police officer—to commit a crime

E-SIGN Act Forgery

Fraud

Intent Larceny

Legality Liquidated Damages

Mailbox Rule

Merchant

Minor Missing Price Term Missing Quality Term Mitigation

that he or she would otherwise not have committed. Electronic signature allowances The fraudulent making or altering of any writing in a way that changes the legal rights and liabilities of another. Any misrepresentation, either by misstatement or omission of a material fact, knowingly made with the intention of deceiving another and on which a reasonable person would and does rely to his or her detriment. A conscious effort/desire to be in a contract The wrongful taking and carrying away of another person’s personal property with the intent to permanently deprive the owner of the property. Some states classify larceny as either grand or petit, depending on the property’s value. The quality or state of being in accordance with the law An amount, stipulated in the contract, that the parties to a contract believe to be a reasonable estimation of the damages that will occur in the event of a breach. rule providing that an acceptance of an offer becomes effective on dispatch. Acceptance takes effect, thus completing formation of the contract, at the time the offeree sends or delivers the communication via the mode expressly or impliedly authorized by the offeror. A person who is engaged in the purchase and sale of goods. Under the Uniform Commercial Code, a person who deals in goods of the kind involved in the sales contract; for further definitions. Defense to crime, anyone under 18, something that can breach capacity

A rule requiring a plaintiff to have done whatever was reasonable to minimize the

damages caused by the defendant. Money Laundering

Mutual Mistake Negligence

Nominal Damages

Novation

Offer

Past Consideration

Penalty

Preexisting Duty

Preponderance of the Evidence

Promise

Falsely reporting income that has been obtained through criminal activity as income obtained through a legitimate business enterprise—in effect, “laundering” the “dirty money.” When both parties… make a mistake? The failure to exercise the standard of care that a reasonable person would exercise in similar circumstances. ((Unintentional torts)) A small monetary award (often one dollar) granted to a plaintiff when no actual damage was suffered or when the plaintiff is unable to show such loss with sufficient certainty. The substitution, by agreement, of a new contract for an old one, with the rights under the old one being terminated. Typically, there is a substitution of a new person who is responsible for the contract and the removal of an original party’s rights and duties under the contract. A promise or commitment to perform or refrain from performing some specified act in the future. Something given or some act done in the past, which cannot ordinarily be consideration for a later bargain. A sum inserted into a contract, not as a measure of compensation for its breach but rather as punishment for a default. The agreement as to the amount will not be enforced, and recovery will be limited to actual damages. Says that the rule that performance of an act by which a party is already contractually bound to perform does not constitute valid consideration for a new promise The plaintiff must convince the court that they are right with all of the evidence (must have ¾ majority) A person’s assurance that he or she will or will not do something.

Punitive Damages Ratification

Reasonable Person Standard

Reformation

Rejection Rescission

Revocation

Robbery

Self-Defense Specific Performance

Statute of Frauds

Trespass to personal property

To punish or deter wrong doing – big money The act of accepting and giving legal force to an obligation that previously was not enforceable. The standard of behavior expected of a hypothetical “reasonable person.” The standard against which negligence is measured and that must be observed to avoid liability for negligence. A court-ordered correction of a written contract so that it reflects the true intentions of the parties. Turning down an offer A remedy whereby a contract is canceled and the parties are returned to the positions they occupied before the contract was made; may be effected through the mutual consent of the parties, by their conduct, or by court decree. In contract law, the withdrawal of an offer by an offeror. Unless an offer is irrevocable, it can be revoked at any time prior to acceptance without liability. The act of forcefully and unlawfully taking personal property of any value from another. Force or intimidation is usually necessary for an act of theft to be considered a robbery. A legal defense to crime An equitable remedy requiring the breaching party to perform as promised under the contract; usually granted only when money damages would be an inadequate remedy and the subject matter of the contract is unique (for example, real property). - You can’t assign or delegate A state statute under which certain types of contracts must be in writing to be enforceable. ((MYLEGS)) The unlawful taking or harming of another’s personal property; interference with another’s right to the exclusive possession of his or her personal property.

Trespass to land

UCC Unconscionability

Undue Influence Unilateral Contract Unilateral Mistake Void Voidable

Wrongful Interference with a business relationship Wrongful interference with a contract

The entry onto, above, or below the surface of land owned by another without the owner’s permission or legal authorization.

A contract or clause that is void on the basis of public policy because one party, as a result of his or her disproportionate bargaining power, is forced to accept terms that are unfairly burdensome and that unfairly benefit the dominating party. See also Procedural unconscionability; Substantive unconscionability - unfair When someone in power influences someone not in power A contract that results when an offer can only be accepted by the offeree’s performance. When only one person makes a mistake A contract having no legal force or binding effect. A contract that may be legally avoided (canceled, or annulled) at the option of one of the parties....