Writing and Interpreting Contracts Module 14

A collection of vocabulary flashcards from the lecture on writing and interpreting contracts, focusing on key legal terms and their definitions.

Statute of Frauds

A statute requiring certain classes of contracts to be in writing and signed to be enforceable.

Oral Contracts

Contracts that are created through spoken communication and are generally valid.

Contracts evidencing an interest in real property

Contracts that involve ownership or interest in real estate and must comply with the Statute of Frauds.

Contractual promises to answer for the debt of another

Agreements where one party promises to take responsibility for the debt obligations of another.

U.C.C. contracts exceeding $500.00

Contracts for the sale of goods under the Uniform Commercial Code (U.C.C.) that exceed a value of $500.

Part Performance Exception

An exception to the Statute of Frauds that allows enforcement of an oral contract if one party has partially performed their obligations.

Parol Evidence Rule

A rule stating that outside evidence cannot be used to contradict the terms of a written contract.

Ambiguity in Contracts

The quality of being open to more than one interpretation in a contract's terms.

Strict construction against drafting party

A principle stating that any ambiguous language in a contract should be interpreted against the interests of the party that drafted it.

Sources of Missing Terms

The sources that can fill in gaps in a contract, including course of conduct, course of performance, and custom and usage of trade.