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Section 1

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Promissory Estoppel

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Last updated

6 years ago

Date created

Mar 1, 2020

Cards (46)

Section 1

(46 cards)

Promissory Estoppel

Front

A doctrine that allows an exception to the rule of mutual consideration under certain circumstances.

Back

Breach of Contract

Front

Failure to provide complete performance.

Back

Mental Incapacity

Front

Not having the ability to understand the consequences of contractual acts.

Back

Price Fixing

Front

Competing firms agree on the same price to be charged for a product or service.

Back

Emancipation

Front

The severing of the child-parent relationship.

Back

Assignment

Front

A transfer of a right a party may have under a contract to another party.

Back

Statute of Limitations

Front

State statutes that deny any remedy if suit is not commenced within a certain time after a legal claim arises.

Back

Offer

Front

A proposal by an offeror to do something, provided the offeree does something in return.

Back

Age of Majority

Front

The age at which a person can be legally bound to contracts.

Back

Waiver

Front

When a party intentionally and explicitly gives up a contractual right.

Back

Scope of Authority

Front

Within the range of acts an organization has authorized a party to do.

Back

Wager

Front

A bet on the uncertain outcome of an event.

Back

Intoxication

Front

Mental impairment caused by voluntary use of alcohol, drugs, or inhalants.

Back

Counteroffer

Front

A change the offeree makes to the offeror's terms.

Back

Promisor

Front

The person who promises an action or forbearance.

Back

Revenue License

Front

A license required only to raise revenue rather than to protect the public.

Back

Promisee

Front

The person to whom a promise is made.

Back

Bigamist

Front

A person who knowingly marries a second spouse while still married to the first, it's a crime.

Back

Minor

Front

A person who has not reached the age of majority, which is usually 18.

Back

Revocation

Front

The right to withdraw an offer before it is accepted.

Back

Necessaries

Front

Things needed to maintain life and lifestyle.

Back

Donee

Front

The person receiving a gift.

Back

Performance

Front

The fulfillment of contractual promises as agreed.

Back

Obligor

Front

One who owes a duty under a contract.

Back

Prenuptial Agreement

Front

An agreement in which the marital partners-to-be explicitly state the property each party would be entitled to in the event of a divorce or death, contract can protect specific assets of each party.

Back

Option

Front

A binding contract in which the offeree gives the offeror something of value in return for a promise to keep the offer open.

Back

Marital Consortium

Front

The mutual duties of a husband and wife.

Back

Lottery

Front

A prize or something of value won by chance.

Back

Competency License

Front

A license required by a state to ensure that persons in certain occupations and businesses are competent.

Back

Alteration

Front

Material change in the terms of a written contract without the consent of the other party.

Back

Voidable Marriage

Front

Results from a problem that existed from the beginning of the supposed union.

Back

Discharge

Front

The termination of duties that ordinarily occurs when the parties perform as promised.

Back

Bid Rigging

Front

The act when competing firms who bid on jobs agree that one bidder will have the lowest bid for a particular job.

Back

Tender

Front

A willing offer to perform an obligation.

Back

Statute of Limitations

Front

Specifies a time limit for bringing a lawsuit.

Back

Consideration

Front

That which is given or received in a contract.

Back

Undue Influence

Front

When the dominating party to a confidential relationship exerts irresistible pressure on the dominated party to enter into a contract that benefits the former.

Back

Marriage

Front

Legal union of a man and a woman as husband and wife.

Back

Ratification

Front

Acting toward a contract as though one intends to be bound by it.

Back

Gift

Front

The transfer of ownership without receiving anything in return.

Back

Disaffirmance

Front

Ending a contract when both parties give back the consideration.

Back

Donor

Front

The person giving a gift.

Back

Annulment

Front

Legal procedure for declaring that a voidable marriage is null and void.

Back

Ratification

Front

Conduct that confirms an intent to be bound by the contract.

Back

Void Marriage

Front

Creates no rights or duties for either party and is considered invalid from the beginning, it's automatically without effect.

Back

Forbearance

Front

A promise to not do something.

Back