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Contract Breach Essay

846 words - 4 pages

Breach of Contract - A contracting party’s failure to perform an absolute duty owed under a contract.

Covenant – An unconditional promise to perform

Duress – A situation in which one party threatens to do a wrongful act unless the other party enters into a contract

Executed Contract – A contract that has been fully performed on both sides; a completed contract.

Injuction – A court order that prohibits a person from doing a certain act.

One year rule – A rule which states that an executor contract that cannot be performed by its own terms within one year of its formation must be in writing.

Rescind – The act of a non-breaching party to undo a contract where the other party ...view middle of the document...

Leaser – A contract granting use or occupation of property during a specified period in exchange for a specified rent.

Lease – A term that is used to indicate a contract for the lease of goods and contract for the rental of real property.

Leasor – In a lease arrangement, the leasor is the owner of the property or product being leased.

Spam- Unsolicited commercial e-mail

Web Contract- Contracts entered into with Internet sellers, lessors, and licensors who use web addresses to sell and lease goods and services and license software and other intellectual property over the internet

World Wide web- An electronic connection of millions of computers that support a standard set of rules for the exchange of information; also known as the Web.

“As is” Disclaimer – A term that makes it clear to the buyer of a good that no implied warranties attach to the sale of the good.

Battle of the forms- A UCC rule that states that if both parties are merchants then additional terms contained in the acceptance become part of the sales contract unless. (1) the offer expressly limits the acceptance to the ters of the offer, (2) the additional terms materially alter the original contract, or (3) the offeror notifies the offeree that he or she objects to the additional terms within a reasonable time after receiving the the offerees modified acceptance.

Counteroffer- an offer made in response to a previous offer by the other party during negotiations for a final contract. Making a counter offer automatically...

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