Exam 3 Vocabulary

Exam 3 Vocabulary - Chapter 15: The Statute of Frauds...

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Chapter 15: The Statute of Frauds Collateral promise  – a secondary promise that is ancillary to a principle transaction or primary contractual  relationship, such as a promise made by one person to pay the debts of another if the latter fails to perform. A  collateral promise normally must be in writing to be enforceable. Integrated contract  – a written contract that constitutes the final expression of the parties’ agreement. If a  contract is integrated, evidence extraneous to the contract that contradicts or alters the meaning of the contract  in any way is inadmissible. Parol evidence rule  – a substantive rule of contracts under which a court will not receive into evidence the  parties’ prior negotiations, prior agreements, or contemporaneous oral agreements if that evidence contradicts  or varies the terms of the parties’ written contract. Prenuptual agreement  – an agreement made before marriage that defines each partner’s ownership rights in  the other partner’s property. It must be written to be enforceable. Statute of Frauds  – a state statute under which certain types of contracts must be in writing to be enforceable. Chapter 16: Third Party Rights Alienation  – in real property law, the voluntary transfer of property from one person to another Assignmen t – the act of transferring to another all or part of one’s rights arising under a contract. Delegation  – the transfer of a contractual duty to a third party. The party delegating the duty to the third party is  still obliged to perform on the contract should the delegate fail to perform.
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This note was uploaded on 09/04/2009 for the course BUSI 2301 taught by Professor Burkhart during the Spring '09 term at Lone Star College.

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Exam 3 Vocabulary - Chapter 15: The Statute of Frauds...

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