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					Contract:    An enforceable
 agreement between two or more
 competent parties that creates an
 obligation to do or not do a
 particular thing.
 Consideration:   The value or benefit to
 be obtained by a party entering into a
 contract or agreement such as money or
 the promise not to do something.

 Breach:           The failure of one party
 to carry out the terms of the contract,
 either by commission or omission.
 Damages:      Pecuniary compensation
  which may be recovered in the courts by
  any person who has suffered loss,
  detriment, or injury, whether to his
  person, property or rights through the
  unlawful act or omission or negligence of
  another.
 Punitive damages:        An award in
  addition to the actual loss.
 Rescission:  Agreement to cancel or
  repeal the contract plus whatever is
  necessary to restore both parties to their
  original condition.
 Restitution: Act of restoring a thing to its
  rightful owner.
 Mitigation: Reducing money damages
  to the amount of the actual loss.
 Specific  performance: The requirement
  that a party performs exactly what was
  specified in the contract.
 Statute of Frauds: The legal doctrine
  requiring certain contracts be in writing and
  signed in order to be legally enforceable.
 Uniform Commercial Code (UCC):           The
  uniform law governing commercial
  transactions.
1. Offer and acceptance
2. Assent
3. Consideration
4. Legal
5. Capacity
 1.   Nondisclosure
2.    Fraud
3.    Misrepresentation
4.    Mistake
5.    Duress
6.    Undue influence
1. Minors
2. Intoxicated
3. Mentally Disabled Person
1   . Rescission and restitution

2.   Specific performance

3.   Money
1.   Compensatory
2.   Consequential
3.   Punitive
4.   Liquidated
5.   Nominal
 1.Real estate sales
2. Promise to pay someone’s debt
 obligation
3. Contracts that take more than a
 year to complete
4. Sale of goods more than $500
5. Contracts where the
 consideration is marriage

				
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posted:10/8/2011
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