Term
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Definition
| the consideration necessary and sufficient to support a valid contract |
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Definition
| consideration based on natural love or affection, or on moral duty, that is not sufficient to support a contract |
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Term
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Definition
| a promise not supported by valuable consideration, and, therefore not binding |
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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) |
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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 |
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Term
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Definition
| the charging of an illegally high rate of interest on a loan |
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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 |
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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 |
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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 |
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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 or words |
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Term
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Definition
| an intentional misrepresentation resulting in harm to a person or an organization |
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Term
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Definition
| the complete unmaking of a contract |
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Term
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Definition
| an agreement by two or more people to defraud another |
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Term
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Definition
| a misrepresentation by silence |
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Term
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Definition
| a perception that does not agree with the facts |
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Term
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Definition
| a perception by one party to a contract that does not agree with the facts |
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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 |
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Term
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Definition
| an equitable remedy with which a court rewrites, or reforms, a contract to reflect the parties’ intentions |
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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 |
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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 consent to a contract |
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