Legal Environment of Business Vocabulary tion E i rections: Match the word in Co

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Legal Environment of Business Vocabulary

tion E i rections: Match the word in Column A which best fits the explanation in Column E3 3 points) NOTE: Use CAPITAL LETTERS for your answer Column A Column B Accord & satisfaction A. B. A C. A legally binding agreement between two or more parties who agree to perform or not to perform some act now or in the future Age of majority promise made without consideration which makes the promise unenforceable When a person is no longer a minor for contractual purposes Bilateral contract Consequential damages Consideration e of the basic elements of a contract that normally consists of a D E. F. On promise in return for a promise Expenses that are caused directly by a breach of contract. Contract A contract in which the offer is phrased or worded to that the offeree can accept the offer only by completing the contract performance. Disaffirmance G. The person making the promise. H. A lender who makes a loan above the maximum rate of interest I. Refraining from an action that one has a legal right to undertake Forbearance that can be charged for different types of transactions Illusory promises Incidental damages Foreseeable damages that result from a party's branch of contract. J. Nominal damages Offeree The party to whom the offer is made. claim against the other party. than the creditor originally claimed was owed or both of the parties parties to enforce the contract in court. contract and only a technical injury is involved. "void of conscience" K. L. A contract in which one party forfeits the right to purse a legal M A debtor offers to pay, and a creditor accepts, a lesser amount N. A valid contract but one that can be avoided at the option of one O. Has all the elements necessary to entitle at least one of the P. When no actual damage or financial loss results from breach of Q. A bargain which is so unscrupulous or grossly unfair as to be R. No legal obligation on any of the parties-no contract at all S. The legal avoidance, or setting aside, of a contractual obligation. T. A contract in which the offeree can accept simply promising to Promisor Release -Unconscionable Unilateral contract Usury Valid contract Void contract Voidable contract perform Page 4 of 4

Explanation / Answer

Contract A legally binding agreement between two or more parties who agree to perform or not to perform some act now or in the future. Void Contract A promise made without consideration which makes the promise unenforceable Age of majority When a person is no longer a minor for contractual purposes Consideration One of the basic elements of a contract that normally consists of a promise in return for a promise. Incidental Damages Expenses that are caused directly by a breach of contract Unilateral Contract A contract in which the offer is phrased or worded to that the offeree can accept the offer only by completing the contract performance Promisor The person making the promise Usury A lender who makes a loan above the maximum rate of interest that can be charged for different types of transactions Forbearance Refraining from an action that one has a legal right to undertake Consequential damages Foreseeable damages that result from a party's branch of contract Offeree The party to whom the offer is made Release A contract in which one party forfeits the right to pursue a legal claim against the other party Accord & satisfaction A debtor offers to pay, and a creditor accepts, a lesser amount than the creditor originally claimed was owed Voidable contract A valid contract but one that can be avoided at the option of one or both of the parties Valid contract Has all the elements necessary to entitle at least one of the parties to enforce the contract in court Nominal damages When no actual damage or financial loss results from a breach of contract and only a technical injury is involved Unconscionable A bargain which is so unscrupulous or grossly unfair as to be "void of conscience" Illusory promises No legal obligation on any of the parties--no contract at all Disaffirmance The legal avoidance, or setting aside, of a contractual obligation Bilateral contract A contract in which the offeree can accept simply promising to perform

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