Contract Law and Parol Evidence Review

Vocabulary-style flashcards covering the Statute of Frauds, Parol Evidence Rule, and 3rd party contract rights based on class lecture notes.

Statute of Frauds

A legal rule requiring that certain types of contracts must be in writing to be enforceable in court.

Policy of the Statute of Frauds

The underlying rationale designed to prevent fraud and perjury by ensuring clear evidence of the contract's existence and terms.

Statute of Frauds Enforcement Exceptions

The four specific circumstances under which a court will enforce a contract that falls under the Statute of Frauds even if there is no written document.

UCC Writing Requirements

The specific criteria that must be met for a written contract to be valid when it is subject to the Uniform Commercial Code.

Non-UCC Writing Requirements

The specific elements required in a written contract for agreements that are not governed by the Uniform Commercial Code.

Parol Evidence Rule

A rule that prevents parties from introducing extrinsic evidence of prior or contemporaneous oral agreements that contradict or vary the terms of a final written contract.

Contract Integration/Completeness

The process by which parties clarify that a contract is their final and complete agreement to ensure the parol evidence rule applies.

Exceptions to the Parol Evidence Rule

The eight specific legal situations where outside evidence may be admitted despite the existence of a written contract.

Privity of Contract

The legal relationship between the parties who have entered into a contract, generally determining who can enforce the agreement.

Assignment

The transfer of contractual rights to a third party, which may be prohibited under certain conditions.

Delegation

The transfer of contractual duties or obligations to a third party, which may be prohibited in specific circumstances.

Intended Beneficiary

A third party for whose benefit a contract was specifically made and who has legal rights to enforce that contract.

Incidental Beneficiary

A third party who benefits from a contract unintentionally and possesses no legal rights to enforce the agreement.

Contract Dissolution

The various legal methods and circumstances, detailed in Chapter 14, through which a contract can be ended.

Equitable Damages

Non-monetary remedies granted by a court in contract cases where traditional financial compensation is inadequate.