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WK3 - Chap. 14 Terms

Business Law: Legal, E-Commerce, Ethical and International Environments, Fifth Edition, by Henry R. Cheeseman.

Terms

undefined, object
copy deck
parol evidence
Any oral or written words outside the four corners of the written contract.
real property
The land itself as well as buildings, trees, soil, minerals, timber, plants, crops, and other things permanently affixed to the land.
merger clause
A clause in a contract that stipulates that it is a complete integration and the exclusive expression of the parties' agreement - Parol evidence may not be introduced to explain, alter, contradict, or add to the terms of the contract.
guaranty contract
The contract between the guarantor and the original creditor.
life estate
An interest in the land for a person's lifetime; upon that person's death, the interest will be transferred to another party.
equal dignity rule
A rule that says that agent's contracts to sell property covered by the Statute of Frauds must be in writing to be enforceable.
promissory estoppel
An equitable doctrine that prevents the withdrawal of an offer by an offeror if it will adversely affect an offeree who has adjusted his position in justifiable reliance on the offer.
UCC Statute of Frauds
A rule that requires all contracts for the sale of goods costing $500 or more and lease contracts involving payments of $1,000 or more to be in writing.
Integration
The combination of several writings to form a single contract.
Easement
A given or required right to make limited use of someone else's land without owning or leasing it.
Statute of Frauds
State statute that requires certain types of contracts to be in writing.
incorporation by reference
When integration is made by express reference in one document that refers to and incorporates another document within it.
Lease
A transfer of the right to the possession and use of the real property for a set term in return for certain consideration; the rental agreement between a landlord and a tenant.
one year rule
An executory contract that cannot be performed by its own terms within one year of its formation must be in writing.
Mortgage
A collateral arrangement where a property owner borrows money from a creditor who uses a deed as collateral for repayment of the loan.
collateral contract
A promise where one person agrees to answer for the debts or duties of another person.
part performance
An equitable doctrine that allows the court to order an oral contract for the sale of land or transfer of another interest in real property to be specifically performed if it has been partially performed and performance is necessary to avoid injustice.
parol evidence rule
A rule that says if a written contract is a complete and final statement of the parties' agreement, any prior or contemporaneous oral or written statements that alter, contradict, or are in addition to the terms of the written contract are inadmissible in court regarding a dispute over the contract.
main purpose or leading object exception
If the main purpose of a transaction and an oral collateral contract is to provide pecuniary benefit to the guarantor, the collateral contract does not have to be in writing to be enforced.
Guarantor
The person who agrees to pay the debt if the primary debtor does not.
Fixtures
Personal property that is permanently affixed to the real property, such as built-in cabinets in a house.

Deck Info

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