BLAW 3201 : BLAW Quiz 2 Terms
Document Summary
10. unilateral contract: a contract in which only one party makes a promise. 11. delegation: transfer of a contractual obligation to a third party. 12. option contract: a contract that binds an offeror to keep an offer open for a specified period of time. 13. firm offer: a merchant"s irrevocable offer to sell or buy goods in a signed writing that gives assurance that it will not be terminated for the time stated, up to three months. 14. duress: improper physical or mental coercion exercised upon a person so that he is forced to do an act against his free will. 15. undue influence: taking unfair advantage of a person by reason of a dominant position based on a relationship of trust and confidence. 16. constructive condition: contingency not contained in the language of the contract but imposed by law. 17. ratification: affirmation of an entire contract; may be done upon reaching majority.
