Contract Note - Law Dictionary Search Results
mistake
an act, contract, transaction, determination, or state of affairs ;also : a criminal defense alleging such a mistake NOTE: In both contract and criminal law a mistake of law is a weaker ground for relief or acquittal … : a state of mind that is not in accordance with the facts existing at the time a contract is made and that may be a ground for the rescission or reformation of the contract b :
obligation
to a performance (as a payment or transfer) or nonperformance for another party see also contract, offense, quasi-offense NOTE: An obligation under civil law may arise by operation of law, naturally, or by contract or other declaration … obligation 1 : a promise, acknowledgment, or agreement (as a contract) that binds one to a specific performance (as payment) ;also : the binding power of such an agreement
Earnest
of the goods or give something in earnest to bind the contract, or in part payment,' or some note in writing of the bargain be made and signed by the parties to be charged or their agents. … the same words, the 17th section of the Statute of Frauds, 29 Car. 2, c. 3, that 'a contract for the sale of any goods, for the price of 10l. or upwards, shall not be enforceable by
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frustration
either party called also frustration of purpose frustration of the venture compare cause, force majeure clause, impossibility, impracticability NOTE: In order for frustration to be used as a successful defense to a breach of contract claim, the … state or an instance of being frustrated c : something that frustrates 2 : a common-law doctrine of contract law: parties to a contract may be excused from performance even though performance is still possible if the
consideration
the promise thereof) done or given by one party for the act or promise of another see also contract compare motive NOTE: Except in Louisiana, consideration is a necessary element to the creation of a contract. The
privity
Latin privitat- privitas, from Latin privus private] 1 : the direct connection or relationship between parties to a contract or transaction (as a purchase) [ of contract] see also horizontal privity, vertical privity NOTE: Formerly a suit
cover
is always free to choose between and damages for nondelivery "Uniform Commercial Code"] ;also : the substituted goods NOTE: Under the Uniform Commercial Code, when a seller does not perform on a contract, the buyer has the … compensation or indemnification for [doesn't flood damage] vi : to obtain cover [where the seller anticipatorily repudiates a contract and the buyer does not "Cosden Oil & Chemical Co. v. Karl O. Helm AG, 736 F.2d 1064
default
law of Louisiana : a delay in performing under a contract that is recognized by the other party NOTE: A party whose performance under a contract is delayed is not automatically in default. Rather, the law of … intensive prefix + faillir to fail] 1 : failure to do something required by duty (as under a contract or by law): as a : failure to comply with the terms of a loan agreement or security
Acceptance of goods
buyer 'accept' part of the goods and actually receive them, or partly pay, or unless there be a note or memorandum in writing of the contract signed by the party to be charged, and there is an … By s. 4 of the (English) Sale of Goods Act, 1893 (56 & 57 Vict. C. 71), a contract for sale of goods of the value of 10' or more is not enforceable by action unless the
preexisting duty rule
party's offer of a performance already required under an existing contract is insufficient consideration for modification of the contract NOTE: This rule is not applicable to sales contracts in jurisdictions that have enacted the Uniform Commercial Code. It
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