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Characteristics
of Contracts
- Acceptance
Anmerkungen:
- the offeree goes along with the
- Benefits
Anmerkungen:
- an advantage or profit gained from something
- Bilateral
Anmerkungen:
- two people are involved and they agree (two promises)
- Capacity
Anmerkungen:
- capable of entering a contract
- Consideration
Anmerkungen:
- everyone agrees
- Counteroffer
Anmerkungen:
- any changes
- Forbearance
Anmerkungen:
- doing something that you are not suppose to do
- Death
Anmerkungen:
- dead someone dead
- Detriments
Anmerkungen:
- anything given up
- Duress
Anmerkungen:
- being put under fear by use of force
- Economic
Duress
Anmerkungen:
- threats to a persons income
- Emancipation
Anmerkungen:
- serving a parent-child relationship
- Express
Anmerkungen:
- contract statement that is written
- Firm Offer
Anmerkungen:
- an offer that has when it will be descussed
- Fraudulent
Misrepresentation
Anmerkungen:
- party to a contract that makes an untrue statement
- Genuine Agreement
Anmerkungen:
- a valid offeror and acceptance has been exercised by the offeree
- Illusory
Promises
Anmerkungen:
- clause that allows a party from legal obligation
- Implied
Anmerkungen:
- contract comes from a party
- Insanity
Anmerkungen:
- offeror in insane lol
- Legality
Anmerkungen:
- Illegal contracts
- Mentally
Incapacitated
Anmerkungen:
- doesn't know the consequnces
- Mirror Image Rule
Anmerkungen:
- terms or acceptance match exactly to terms of offer
- Mutual Mistake
Anmerkungen:
- mistaken by an important fact
- Nominal
Consideration
Anmerkungen:
- a contract where no one wants to put an amount on it
- Offer
Anmerkungen:
- a legal agreement to a party
- Offeree
Anmerkungen:
- offer made to this person
- Offeror
Anmerkungen:
- person who makes the offer
- option
Anmerkungen:
- trading something to keep a promise kept
- Oral
Anmerkungen:
- created by two or more people speaking to each other
- Past Performance
Anmerkungen:
- a performance thats already been performed and is not a consideration to the contract
- Price Fixing
Anmerkungen:
- selling products
- Rejection
Anmerkungen:
- refused by the offeree lol
- Restrictive
Covenant
Anmerkungen:
- an agreement not to complete in a period of time
- Revocation
Anmerkungen:
- taking back an offer
- Statue
of
Frauds
Anmerkungen:
- contracts that are enforceable
- Unconscionable
Anmerkungen:
- something bad thatll shock the court
- Written
Anmerkungen:
- contact terms are written
- Usury
Anmerkungen:
- charging to high
- undue Influence
Anmerkungen:
- unfair pressure
- Unilateral
Anmerkungen:
- a promise between two people
- Unenforceable
Contract
Anmerkungen:
- contract that court will not uphold
- Unilateral Mistake
Anmerkungen:
- an error that one person did
- Valid Contract
Anmerkungen:
- includes all elements
- Void Contract
Anmerkungen:
- without legal effect
- Voildable Contract
Anmerkungen:
- one or more parties can get out of the contract
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