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Key Terms of Contract Laws

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Zusammenfassung der Ressource

Key Terms of Contract Laws
  1. Acceptance

    Anmerkungen:

    • Unqualified by the offeree
    1. Benefits

      Anmerkungen:

      • Something that wasn't going to be entitled to you
      1. Bilateral

        Anmerkungen:

        • Two Promises
        1. Capacity

          Anmerkungen:

          • Legal ability to enter into a contract
          1. Consideration

            Anmerkungen:

            • Benefits to an agreement
            1. Counteroffer

              Anmerkungen:

              • Any change in the offer
              1. Death

                Anmerkungen:

                • DEADER THAN DEAD!!!
                1. Detriments

                  Anmerkungen:

                  • Any loss
                  1. Duress

                    Anmerkungen:

                    • Overcoming a person by force
                    1. Economic Duress

                      Anmerkungen:

                      • Threats to persons business
                      1. Emancipation

                        Anmerkungen:

                        • Parent-child relationship
                        1. Express

                          Anmerkungen:

                          • Contract statement  that may be written
                          1. Firm offer

                            Anmerkungen:

                            • A written offer
                            1. Forbearance

                              Anmerkungen:

                              • Not doing something that you have a right to do
                              1. Fraudulent Misreoresentation

                                Anmerkungen:

                                • Party to a contract makes a false statement
                                1. Genuine Agreement

                                  Anmerkungen:

                                  • A valid offer has been made by the offeror
                                  1. Illusory Promises

                                    Anmerkungen:

                                    • Allows escape from legal obligation
                                    1. Implied

                                      Anmerkungen:

                                      • Contract that comes about from the actions
                                      1. Insanity

                                        Anmerkungen:

                                        • Offeror is crazy!
                                        1. Legality

                                          Anmerkungen:

                                          • Illegal Contracts
                                          1. Mentally Incapacitated

                                            Anmerkungen:

                                            • Lacking the ability to understand
                                            1. Mirror Image Rule

                                              Anmerkungen:

                                              •  Must match exactly
                                              1. Mutual Mistual

                                                Anmerkungen:

                                                • Both parties make a mistake
                                                1. Normal Consideration

                                                  Anmerkungen:

                                                  • Parties do not want to state the amount
                                                  1. Offer

                                                    Anmerkungen:

                                                    • Proposal from one person to another
                                                    1. Offeree

                                                      Anmerkungen:

                                                      • The one who receives a offer
                                                      1. Offeror

                                                        Anmerkungen:

                                                        • Makes the offer
                                                        1. Option

                                                          Anmerkungen:

                                                          • Offer open for a period of time
                                                          1. Oral

                                                            Anmerkungen:

                                                            • Created by two or more people
                                                            1. Past Performance

                                                              Anmerkungen:

                                                              • An act already performed
                                                              1. Price Fixing

                                                                Anmerkungen:

                                                                • Competitors agree on certain price ranges
                                                                1. Rejection

                                                                  Anmerkungen:

                                                                  • Refusal by the offeree
                                                                  1. Restrictive Covenant

                                                                    Anmerkungen:

                                                                    • Agreement not to complete in a region for a certain time
                                                                    1. Revocation

                                                                      Anmerkungen:

                                                                      • Taking back a offer
                                                                      1. Statute of Frauds

                                                                        Anmerkungen:

                                                                        • Requires contracts to be written and there enforceable
                                                                        1. Unconscionable

                                                                          Anmerkungen:

                                                                          • So grossly unfair
                                                                          1. Undue Influence

                                                                            Anmerkungen:

                                                                            • Unfair and improper
                                                                            1. Unenforceable Contract

                                                                              Anmerkungen:

                                                                              • Contract that court will not uphold
                                                                              1. Unlateral

                                                                                Anmerkungen:

                                                                                • Promise by only one person to do something
                                                                                1. Unilateral Mistake

                                                                                  Anmerkungen:

                                                                                  • An error
                                                                                  1. Usury

                                                                                    Anmerkungen:

                                                                                    • Charging too high of an interest rate
                                                                                    1. Valid Contract

                                                                                      Anmerkungen:

                                                                                      • Includes all elements by courts
                                                                                      1. Void Contract

                                                                                        Anmerkungen:

                                                                                        • Without legal effect
                                                                                        1. Voidable Contract

                                                                                          Anmerkungen:

                                                                                          • One or more parties can get out of contract
                                                                                          1. Written

                                                                                            Anmerkungen:

                                                                                            • Contact terms are written
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