Glossary
The following list of definitions will assist you with the legal language.
Questions & Answers
Generally, a contract is understood to be an agreement that creates an obligation upon one party. Its' basic components include (1) parties who are capable of contracting, (2) a particular subject matter, (3) legal consideration or monetary value, (4) a common ground of agreement, and (5) an obligation that is mutual between the parties. A contract is an expression by two or more persons of common intention to effect their legal relations. Please see specific state for details and/or diff...
Consideration for a contract is the inducement from one party to another to form the contract. The cause, motive, price or impelling influence that induces a contracting party to enter into a contract is generally underlying consideration. (See Black?s Law Dictionary, Sixth Edition.) Consideration generally is some right, interest, profit or benefit, accruing to one party, or some forbearance, detriment, loss, or responsibility, given, suffered, or undertaken by the other. (See Restatement Se...
What is the content of a contract?
An Implied Contract is frequently understood to be a contract of two classes. The first Implied Contract is a contract implied in fact, and the second is a contract implied in law. An Implied Contract is one not created or evidenced by the exclusive agreement of the parties, but inferred by the law, as a matter of reason and justice from their acts or conduct. The circumstances surrounding the transaction make it reasonable, or even a necessary assumption, that a contract existed between t...
What is a unilateral contract?
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The Uniform Commercial Code was developed to allow each state to adopt a uniform system of regulating various items that were often the subject of contracts throughout the United States. The intent of the draft was to provide a uniform system of contracting and, in the process, most Uniform Commercial Codes of various states include specific statements and rules relative to sales; leases; negotiable instruments; bank deposits; collections; funds transfers; letters of credit; warehouse receip...
Most states have a Consumer Code, which regulates fraud and deceptive business practices in the state. The act, in most states, is generally modeled after the Federal Trade Commission Act, and, in the process, certain unlawful practices regarding collection, sales, and representations are covered. Phone solicitation is generally covered, along with the giving of prizes, gifts, gratuities, auto and home repairs, etc. Conditions relating to loans, both as to real estate and non-real-estate i...
Please see specific state for details and/or differences.
