An option contract is a promise to keep an offer open for another party to accept within a period of time. With an option contract, the offeror is not permitted to revoke the offer within the stated period of time. Most option contracts...
contract law
(Wex page)
Option to cure is a contract principle that, where available, allows a party to a contract to have the opportunity to correct their performance to align with their obligations in the contract. Under Article 2 of the Uniform Commercial Code,...
(Wex page)
Overview
In contract disputes, parol evidence is any agreement that is not contained within the written contract. Under the parol evidence rule, these agreements made outside of the contract are inadmissible in court unless there is evidence...
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The perfect tender rule appears in the Uniform Commercial Code § 2-601 (buyers) and § 2-508 (sellers). When dealing with the sale of goods, the perfect tender rule states that a buyer is permitted to reject goods shipped or delivered from a...
(Wex page)
The pre-existing duty doctrine is a principle under contract law where if a party to a contract does what they are already obligated to do in exchange for a modification of the contract, the modification will be voidable. Since the party is...
(Wex page)
Promissory estoppel is a contract law doctrine that allows a plaintiff to recover damages, despite no actual contract, when the defendant made a promise that the plaintiff detrimentally relied upon, and the plaintiff’s reliance on that...
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Punitive damages, also known as exemplary damages, are the damages awarded separately from the actual damages from an event. Courts generally award punitive damages only when it is determined that the defendant has acted in a particularly...
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A quasi contract is a legal obligation imposed by law to prevent unjust enrichment. This is also called a contract implied in law or a constructive contract. A quasi contract may be presumed by a court in the absence of a true contract, but...
(Wex page)
Under Article 2 of the Uniform Commercial Code, a shipment 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...
(Wex page)
Under Article 2 of the Uniform Commercial Code, when dealing with installment contracts for the sale of goods, substantial impairment is the standard used to determine if a buyer has the right to reject tender by the seller, where tender is not perfect...