The following is a list of important Contract Law terms (D through H) and their definitions.

Delegation and Assumption of Duties: involves a situation in which the assignor transfers his or her duty of performance to another. The person transferring the duty of performance is known as the delegator and the person who assumes the duty is konwn as the delagatee.

• involves a situation in which the assignor transfers his or her duty of performance to another
• The person transferring the duty of performance is known as the delegator
• person who assumes the duty is known as the delagatee.

Divisible (or Severable) Contracts: bilateral contract wherein the performance is divided into two or more separate units, either as to subject matter or time, and performance of each part by one party is the agreed exchange for a corresponding part by the other party.  Examples are construction contracts, contracts for the sale of goods and employment contracts.

• divisible (or severable) contract is a bilateral contract
• wherein performance is divided into two or more separate units.

Doctrine of Constructive Conditions: Holds that the fulfillment of a promise in a bilateral contract can be construed to be a condition of the other party’s performance even in the absence of an express provision to that effect.

• Fulfillment of a promise
• in bilateral contract
• construed to be condition of other party’s performance
  

Donee Beneficiary: one who receives the benefit of a contract wherein the promisee has expressed intent to bestow a gift upon said beneficiary.

• receives the benefit of a contract
• wherein promisee has expressed intent to bestow a gift

Elements of a Contract: The necessary elements of a contract are offer, acceptance, and consideration

• Offer
• Acceptance
• Consideration

Exculpatory Clause: a provision in a contract that is intended to remove liability from one or more of the contracting parties that may result from certain acts or events.

• provision
• intended to remove liability

Excuse of Conditions: occurs when one party’s failure to perform a condition occurred because said party was reacting to a material default on the part of the other party.  Accordingly, the other party is barred from asserting the failure of a condition or conditions as a defense against the first party.

• failure to perform a condition occurred
• as a reaction to a material default on the part of the other party.
• other party is barred from asserting the failure of a condition or conditions as a defense against the first party

Executed Contract: contract that has been fully performed by all of the parties to the contract.

Executory Contract: contract that remains to be completed in the future by at least one of the contracting parties.

Express Conditions: arise out of a stated provision in the contract.

Express Contract: contract which is manifested by words either written or oral

• contract
• manifested by words
• either written or oral

Failure of Consideration: occurs when one of the parties to a contract fails to perform as required by the terms of the contract or the subject matter of the consideration ceases to exist or becomes worthless even though valid consideration was present when the parties first contracted.

• one of parties fails to perform OR
• subject matter ceases to exist or becomes worthless (even though consideration was present when contract began)

Firm Offer: an offer which is irrevocable either because an option has been paid for by one of the parties or because it was made by a merchant pursuant to UCC Section 2-205, the merchant having signed the offer in writing giving assurance that the offer will remain open for a certain or reasonable length of time.

• offer is irrevocable because one party has paid for an option OR
• offer is irrevocable pursuant to UCC Section 2-205 (signed offers by merchants)

Guaranty: a promise to answer for the debt, default, or miscarriage of another.