contract law

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Under Article 2 of the Uniform Commercial Code, a destination contract is one way in which buyer and seller could contract to allocate risk of loss between buyer and seller when goods or lost or damaged before the buyer obtains them from the seller and...

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A third party beneficiary where the creation of such a relationship is not intended, where the donee beneficiary receives a gift of performance from one of the contracting parties, and there is an exchange of consideration between the contracting...

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In contract law, a defense that can be used by a party to argue against the formation of a binding contract between two parties. To prove economic duress, a party must show that (1) a continuous contract exists between the plaintiff and the defendant...

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Overview

In law, the term "equity" refers to a particular set of remedies and associated procedures involved with civil law. These equitable doctrines and procedures are distinguished from "legal" ones. While legal remedies typically involve monetary...

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Damages awarded when a party breaches a contract that are intended to put the injured party in as good of a position as if the breaching party fully performed its contractual duties.

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Overview

An express contract is an exchange of promises in which the terms by which the parties agree to be bound are declared either orally or in writing, or a combination of both, at the time it is made.

Required Components

Whether oral or...

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A contractual agreement that designates the court and location where the parties would like to have their legal dispute decided is commonly known as a "forum selection clause."

A forum selection clause seeks to provide a court with "personal...

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Under contract law, a plaintiff can recover from a defendant on the grounds of fraudulent concealment where the defendant (1) concealed or suppressed a material fact; (2) had knowledge of this material fact; (3) that this material fact was not within...

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Overview

Under contract law, a plaintiff can recover compensatory damages against a defendant when a court finds that the defendant has committed fraudulent misrepresentation. Courts will typically find that a defendant has committed fraudulent...

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The ability of parties to bargain and create the terms of their agreement as they desire without outside interference from government.

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