Flashcards: Contract law

A contract of sale is a legal contract.

A warehouse receipt is a document that provides proof of ownership of commodities (e.g., bars of copper) that are stored in a warehouse, vault, or depository for safekeeping.

A contract is a voluntary arrangement between two or more parties that is enforceable at law as a binding legal agreement.

Unjust enrichment is a legal concept referring to situations in which one person is enriched at the expense of another in circumstances which the law treats as unjust.

A collective agreement or collective bargaining agreement (CBA) is a special type of commercial agreement, usually as one negotiated "collectively" between management (on behalf of the company) and trades unions (on behalf of employees).

An employment contract or contract of employment is a kind of contract used in labour law to attribute rights and responsibilities between parties to a bargain.

Duty (from "due" meaning "that which is owing"; Old French: deu, did, past participle of devoir; Latin: debere, debitum, whence "debt") is a term that conveys a sense of moral commitment or obligation to someone or something.

Hire purchase (abbreviated (HP) this is an arrangement whereby a company acquires an asset by paying an initial installment (e.g. 40% of the total) and repays the other part of the cost of the asset over a period of time or term for a contract, in which a purchaser agrees to pay for goods in parts or a percentage over a number of months. In Canada and the United States, a hire purchase is termed an installment plan although these may differ slightly as in a hire purchase agreement the ownership of the good remains with the seller until the last payment is made. Other analogous practices are described as closed-end leasing or rent to own.

A letter of credit is a document, typically from a bank (issuing bank), assuring that a seller (beneficiary) will receive payment up to the amount of the letter of credit, as long as certain documentary delivery conditions have been met.

A prenuptial agreement, antenuptial agreement, or premarital agreement, commonly abbreviated to prenup or prenupt, is a contract entered into prior to marriage, civil union or any other agreement prior to the main agreement by the people intending to marry or contract with each other.

A gentlemen's agreement or gentleman's agreement is an informal and legally non-binding agreement between two or more parties.

In a contract of carriage, the consignee is the entity who is financially responsible (the buyer) for the receipt of a shipment.

An indemnity is an obligation by a person (indemnitor) to provide compensation for a particular loss suffered by another person (indemnitee).

In law, severability (sometimes known as salvatorius, from Latin) refers to a provision in a contract which states that if parts of the contract are held to be illegal or otherwise unenforceable, the remainder of the contract should still apply.

A counterparty (sometimes contraparty) is a legal entity, unincorporated entity or collection of entities to which an exposure to financial risk might exist.

Terms of service (also known as terms of use and terms and conditions, commonly abbreviated as ToS or TOS and TOU) are rules, that one must agree to abide by in order to use a service.

A fundamental breach of a contract, sometimes known as a repudiatory breach, is a breach so fundamental that it permits the distressed party to terminate performance of the contract, in addition to entitling that party to sue for damages.

In the law of contracts, frustration of purpose is a defense to enforcement of the contract.

Extrinsic fraud is fraud that "induces one not to present a case in court or deprives one of the opportunity to be heard [or] is not involved in the actual issues .

Breach of contract is a legal cause of action in which a binding agreement or bargained-for exchange is not honored by one or more of the parties to the contract by non-performance or interference with the other party's performance.

A lease is a contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset.

Restraint of trade is a common law doctrine relating to the enforceability of contractual restrictions on freedom to conduct business.

A contractual term is "Any provision forming part of a contract".

A secured creditor takes a security interest to enforce its rights against collateral in case the debtor defaults on the obligation.

Penal damages are liquidated damages which exceed reasonable compensatory damages, making them invalid under common law.

A pre-emption right, or right of pre-emption, is a contractual right to acquire certain property newly coming into existence before it can be offered to any other person or entity.

In law, void means of no legal effect.

In contract law, rescission has been defined as the unmaking of a contract between parties.

A forum selection clause in a contract with a conflict of laws element allows the parties to agree that any litigation resulting from that contract will be initiated in a specific forum.

An assignment (Latin cessio) is a term used with similar meanings in the law of contracts and in the law of real estate.

In filmmaking, a guarantee is a term of an actor, director, or other participant's contract that guarantees remuneration if, through no fault of their own, the participant is released from the contract.

Contracts are often amended when the market changes.

In contract law and administrative law, delegation (Latin intercessio) is the act of giving another person the responsibility of carrying out the performance agreed to in a contract.

United States contract law regulates the obligations established by agreement (express or implied) between private parties in US law.