3885134
Description
Flashcards by Antonio P - EMU, updated more than 1 year ago
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Created by Antonio P - EMU
about 9 years ago
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| Question | Answer |
| Exculpatory Clause | A contract provision that purports to relieve a party from tort liability. |
| What are the two conditions required in order for exculpatory clauses to be valid? | 1.) There must be a relative equality in the barganing power of the parties 2.) The clause must not represent a danger to the general public |
| Fraud in the Inducement | The plaintiff was misled about the facts. The plaintiff used the information to make a decision. |
| Scienter | legal term that refers to intent or knowledge of wrongdoing. |
| Fraud in the Execution | a.k.a. "fraud in the factum" type of fraud where misrepresentation causes one to enter a transaction without accurately realizing the risks, duties, or obligations incurred. |
| Palpable Unilateral Mistake | A unilateral mistake where the non-mistaken party either knew or should have known of the other party’s mistake. |
| Illusory Promise | In contract law, an illusory promise is one that courts will not enforce |
| Pre-existing Duty Rule | The pre-existing duty rule is a legal concept relating to when the performance of a legal duty is classified as consideration. |
| in para delicto | Latin for "in equal fault (better is the condition of the possessor)", is a legal term used to indicate that two persons or entities are equally at fault, whether the malfeasance in question is a crime or tort. |
| Adhesion Contract | A standard form contract (sometimes referred to as an adhesion or boilerplate contract) is a contract between two parties, where the terms and conditions of the contract are set by one of the parties, and the other party has little or no ability to negotiate more favorable terms and is thus placed in a "take it or leave it" position. |
| Usurious Contract | A contract that imposes an illegally high interest rate on the repayment of a debt. |
| Ratification | In contract law, the need for ratification can arise in two ways: where the agent attempts to bind the principal despite lacking the authority to do so, and where the principal authorizes the agent to make an agreement, but reserves the right to approve it. |
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