Zusammenfassung der Ressource
Key Terms of Contract Law
- Acceptence
Anmerkungen:
- Offeree saying they accept the offer
- Benefits
Anmerkungen:
- Something that someone was not previously entitled to recieve
- Bilateral
Anmerkungen:
- Capacity
Anmerkungen:
- Legal ability to enter into a contract
- Consideration
- Economic Duress
Anmerkungen:
- Threats so a persons business or income
- Emancipation
Anmerkungen:
- Serving of the parent-child relationship
- Detriments
Anmerkungen:
- Any loss suffered ; anything given up
- Duress
Anmerkungen:
- Counteroffer
Anmerkungen:
- Any change in terms of the offer
- Death
Anmerkungen:
- Express
Anmerkungen:
- Contract statement that may be written oral
- Firm offer
Anmerkungen:
- Written offer for goods that lets you know how long the offer will stay open
- Forbearance
Anmerkungen:
- Not doing something u have the right to do
- Fruadlent Misrepresentation
Anmerkungen:
- Party to a contract deliberately makes an untrue statment
- Implied
Anmerkungen:
- Contract that comes about from the actions of parties
- Mentally Incapacitated
Anmerkungen:
- Lacking the ability to understand the consequences of his or her contractual acts
- Mirror Image Rule
Anmerkungen:
- Terms of the acceptance must match exactly(mirror) the terms of the offer
- Offeree
Anmerkungen:
- Offer made to this person
- Genuine Agreement( Assent
Anmerkungen:
- Valid offer has been made by the offeror, and a valid acceptance has been exercised by the offeree
- Illusionary Promises
Anmerkungen:
- Clause or wording that allows a party to escape from legal obligation
- Insanity
Anmerkungen:
- Offeror is declared insane
- Legality
Anmerkungen:
- Nominal Consideration
Anmerkungen:
- Token amount in a written contract where either the parties cannot or do not wish to state the amount
- Offer
Anmerkungen:
- proposal by one party to another with the intent to create a legal binding agreement
- Mutual Mistake( Bilateral Mistake)
Anmerkungen:
- Both parties are mistaken about an important fact
- Offeror
Anmerkungen:
- Option
Anmerkungen:
- The offeree gives the offeror something of value in return for a promise to keep the offer open for a set period of time
- Oral
Anmerkungen:
- Created by two or more people speaking to each other
- Past Performace
Anmerkungen:
- An act that has already been performed cannot be consideration in a contract
- Price Fixing
Anmerkungen:
- Competitors agree on certain price ranges within which they will sell their products
- Rejection
Anmerkungen:
- Restrictive Content
Anmerkungen:
- agreement not to compete in a region for a period of time
- Revocation
Anmerkungen:
- Unconscionable
Anmerkungen:
- so grossly unfair or oppressive that it would shock the conscience of the court
- Unilateral
Anmerkungen:
- Contains a promise by only one person to do something if, and when, the other party performs a certain act
- Usury
Anmerkungen:
- Charging too high of an interest rate
- Written
- Voidable Contract
Anmerkungen:
- One or more parties can get out of a contract for some legal reason
- Void Contract
Anmerkungen:
- Undue Influence
Anmerkungen:
- Unfair and improper persuasive pressure within a relationship of trust
- Unenforceable Contract
Anmerkungen:
- Contract that court will no uphold, usually becomes of some rule of law
- Unilateral Mistake
Anmerkungen:
- An error on the part of one of the parties
- Valid Contract
Anmerkungen:
- Includes all elements recognized by the courts
- Statue of Fruads
Anmerkungen:
- Requires that certain contracts be in writing to be enforced