Regulatory Framework for Business Transactions

These flashcards contain vocabulary and key concepts related to contracts and business law from the lecture notes.

Executed Consideration

A situation where the promise is fulfilled once both performance occurs simultaneously, such as paying for goods at the same time they are delivered.

Executory Consideration

A situation where a promise is made for a future act, where the consideration is to be performed later.

Condition Precedent

A term in a contract that must be satisfied before the contract becomes effective.

Condition Subsequent

A term in a contract that, if it occurs, will terminate the contract.

Innominate Term

A contract term that cannot be categorized as a condition precedent or subsequent, and whose breach consequences are determined based on the severity of the breach.

Undue Influence

Improper persuasion that overwhelms the will of another, negating genuine consent in a contract.

Duress

Illegitimate pressure exerted on a party to induce them to enter into a contract against their will.

Unconscionability

A condition in a contract that is so one-sided or unfair that it shocks the conscience.

Mutual Mistake

A situation where both parties to a contract are mistaken about a fundamental fact related to the agreement, leading to the possibility of rescission.

Negligent Misrepresentation

A false statement made carelessly that induces another party to enter into a contract, resulting in incurred damages.

Fraudulent Misrepresentation

A false statement made knowingly or without belief in its truth, which induces another party to enter into a contract.

Restitution

A remedy aimed at restoring the injured party to their pre-contractual position.

Damages

Compensation awarded to an injured party for loss or injury, typically calculated based on what the party would have received had the contract been performed.

Specific Performance

A court-ordered remedy requiring the breaching party to fulfill their obligations under the contract.

Injunction

A court order that prohibits someone from doing something or compels them to do something.

Dation in Payment

A method of discharging a debt by transferring ownership of an asset instead of cash.