Term
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Definition
| The consideration necessary and sufficient to support a valid contract (3.4) |
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Term
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Definition
| Consideration based on natural love or affection, or on moral duty, that is not sufficient to support a contract (3.4) |
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Term
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Definition
| A promise not supported by valuable consideration and, therefore, not binding (3.4) |
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Term
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Definition
| An agreement (accord) to substitute performance other than that required in a contract and the carrying out of that agreement (satisfaction) (3.7) |
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Term
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Definition
| A legal principle that permits enforcement of a promise made without consideration in order to prevent injustice (3.9) |
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Term
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Definition
| The charging of an illegally high rate of interest on a loan (3.12) |
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Term
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Definition
| A contractual provision purporting to excuse a party from liability resulting from negligent or an otherwise wrongful act (3.14) |
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Term
| In pari delicto agreement |
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Definition
| An illegal transaction in which both parties are equally at fault (3.18) |
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Term
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Definition
| A contract that includes two or more promises, each of which a court can enforce separately (3.18) |
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Term
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Definition
| Contracting parties' actual assent to form a contract or their indication of intent to contract by their actions and words (3.18) |
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Term
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Definition
| An intentional misrepresentation reslting in harm to a person or an organization (3.19) |
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Term
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Definition
| The complete unmaking of a contract (3.22) |
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Term
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Definition
| An agreement by two or more people to defraud another (3.22) |
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Term
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Definition
| A misrepresentation by silence (3.23) |
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Term
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Definition
| A perception that does not agree with the facts (3.26) |
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Term
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Definition
| A perception buy one party to a contract that does not agree with the facts (3.26) |
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Term
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Definition
| A perception by both parties to a contract that does not agree with the facts (3.26) |
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Term
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Definition
| An equitable remedy by which a court rewrites, or reforms, a contract to reflect the parties' intentions (3.28) |
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Term
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Definition
| The use of restraint, violence, or threats of violence to compel a party to act contrary to his or her wishes or interests (3.28) |
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Term
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Definition
| The improper use of power or trust to deprive a person of free will and substitute another's objective, resulting in lack of genuine assent to a contract (3.29) |
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