Acceptance		An interest in real property given to a lender as security for the repayment of a loan.
Nominal		A wrong. There are 3 categories: (1) Intentional, (2) Unintentional (negligence), and (3) Strict liability.
Compensatory		An obligee who transfers a right.
Rescission		A right to use someone else's land without owning it or leasing it.
Fraud		An event that occurs when one person conciously decides to induce another person to rely and act on a misrepresentation.
Mistake		The return of goods or property received from the other party t orescind a contract. If the actual goods or property are not available, a cash equivalent must be made.
Duress		The performance of an accord.
Mortgage		The contracting party in a done-beneficiary contrat who directs that the benefit be conferred on another.
Easement		Damages that compensate a nonbreaching party for the loss of a bargain. It places the nonbreaching party in the same position as if the contract had been fully performed.
Guarantor		An agreement by the parties in advance that sets the amount of damages recoverablein case of breach. These damages are lawful if they do not cause a penalty.
Lease		An agreement whereby the parties agree to accept something different in satisfaction of the original contract.
Rescind		A transaction in which an owner transfers his or her personal property to another to be held, stored or delivered, or for some other purpose. Title to the property does not transfer.
Assignor		A party to whom a right has been transferred.
Assignee		The contracting party in a done-beneficiary contract who agrees to confer performance for the benefit of the third person.
Bailment		The act or process of a minor voluntarily leaving home and living apart from his or her parents.
Covenant		Something of legal value given in exchange for a promise.
Condition		A response by an offeree that contains terms and conditions different from or in addition to those of the offer. A counteroffer terminates the previous offer.
Accord		"A manifestation of assent by the offeree to the terms of the offer in a manner invited or required by the offer as measured by the objective theory of contracts".
Satisfaction		The party who is owed a right under a contract.
Obligor		A fine that is imposed if liquidated damages are excessive or unconscionable or if actual damages are clearly determinable in advance and makes the liquidated damage clause unenforceable.
Promisee		An unconditional promise to perform.
Obligee		The act of a minor after the minor has reached the age of majority by which he or she accepts a contract entered into when he or she was a minor.
Promisor		Withdrawal of an offer by the offeror that terminates the offer.
Consequential		A person who agrees to pay a debt if the primary debtor does not.
Liquidated		The transfer of the right to use real property for a specified period of time.
Restitution		A person who has not reached the age of majority.
Reformation		A qualification of a promise that becomes a covenant if it is met.
Injunction		An equitable doctrine that permits the court to rewrite a contract to express the parties' true intentions.
Contract		Where one or both of the parties to a contract have an erroneous belief about the subject matter, value, or some other aspect of the contract.
Tort		A situation in which one party threatens to do a wrongful act unless the other party enters into a contract.
Penalty		Damages awarded against the breaching party even though the nonbreaching party has suffered no financial loss because of the breach. A small amount (e.g., $1) is usually awarded.
Damages		Undo
Minor		A court order that prohibits a person from doing a certain act.
Disaffirm		An action to rescind (undo) a contract.
Ratification		The act of a minor to rescind a contract under the infancy doctrine. Disaffirmance may be done orally, in writing, or by the minor's conduct.
Emancipation		Money a buyer or lesee recovers from a seller or lessor who fails to deliver the goods or repudiates the contract.
Consideration		Express words or conduct by the offeree to reject an offer. Rejection terminates the offer.
Rejection		An agreement that is enforceable by a court of law or equity. "...a promise or set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty".
Counteroffer		Damages that compensate a nonbreaching party for forseeable special damages that arise from circumstances outside a contract. The breaching party must have known or should have known that these damages would result from the breach.
Revocation		The party who owes a duty of performance under a contract.