Law I U5 Contract Vocab Flashcard

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A Contract is

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a legally enforceable agreement between two or more people to exchange something of value.

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An offer is

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a specific proposal by one person to another to make a deal

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Breach definition

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Violation of a law, duty, or obligation.

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Acceptance is

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the act of agreeing to an offer for a deal, making the deal binding

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In contracts, competency refers to:

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A person having the capacity to make legal decisions on their own.

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In contracts, minors:

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generally cannot be forced to carry out promises they made in a contract.

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Cosigning

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Signs a document guaranteeing to pay off debt if the original signer defaults.

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In Contract law, something is unconscionable

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Conditions are so unfair, harsh, or oppressive that they make a contract invalid.

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In Contract law, Fraud is

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any deception, lie, or dishonest statement to trick someone into agreeing to a contract.

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Expectation damages

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Money a breaching party must pay to make the other party as well off as if the contract had not been breached.