3549413
Description
Mind Map by terri.johnson255, updated more than 1 year ago
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Created by terri.johnson255
almost 9 years ago
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Contract Law
- Acceptance
Annotations:
- when the offeree goes along with the offer
- benefits
Annotations:
- something that someone wasn't entitled to recieve
- bilateral
Annotations:
- two promises
- capacity
Annotations:
- entering into a contract legally
- consideration
Annotations:
- when two parties exchange benefits
- counteroffer
Annotations:
- a change in the terms of the offer
- death
Annotations:
- offeror dies
- detriments
Annotations:
- a loss suffered or something given up
- duress
Annotations:
- overcoming a person's free will using force or bodily harm
- economic duress
Annotations:
- threat to a person's business or income
- emancipation
Annotations:
- severing of the parent-child relationship
- express
Annotations:
- contract statement written or oral
- firm offer
Annotations:
- a written offer for goods states the period of time when the offer will stay open
- forbearance
Annotations:
- not doing something you have the right to do
- fraudulent misrep
Annotations:
- when a party to a contract purposely makes an untrue statement of fact
- genuine agreement
Annotations:
- a valid offer made of offeror a vaild acceptance made by offeree
- illusory promises
Annotations:
- clause for wording that allows party to escape from legal obligation
- implied
Annotations:
- contract that comes about from the action of parties
- insanity
Annotations:
- offer is declared insane
- legality
- mentally incapacitated
Annotations:
- lacking to understand the consequences of his or her contractual acts
- mirror image rule
Annotations:
- terms of the acceptance must match exactly (mirror) the terms of the offer
- mutual mistake
Annotations:
- both parties are mistaken about an important fact
- nominal consideration
Annotations:
- token amount in a written contract where either of the parties cannot or do not wish to state the amount
- offer
Annotations:
- proposal by one party with intent to create a binding legal agreement
- offeree
Annotations:
- the one being made the offer
- offeror
Annotations:
- the one making the offer
- option
Annotations:
- when 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
Annotations:
- created by two or more people speaking to each other
- past performance
Annotations:
- an act that has already happened cannot be considered in an contract
- price fixing
Annotations:
- competitors agree on certain price ranges within which they sell their products
- rejection
Annotations:
- refusal by the offeree
- restrictive covenant
Annotations:
- agreement not to compete in a region for a period of time
- revocation
Annotations:
- taking back of an offer by offeror
- statute of frauds
Annotations:
- requires that certain contracts be in writing to be enforceable
- unconscionable
Annotations:
- so grossly unfair or oppressive it would shock the conscience of the court
- undue influence
Annotations:
- unfair and improper persuasive pressure pressure within a relationship of law
- unenforceable contract
Annotations:
- contract that court will not uphold, usually because of some rule of law
- unilateral
Annotations:
- contains a promise by only one person to do something if and when the other party performs a certain act
- unilateral mistake
Annotations:
- an error on the part of one of the parties
- usury
Annotations:
- charging too high of an interest rate
- valid contract
Annotations:
- includes all elements recognized by the courts
- void contract
Annotations:
- without legal effect
- voidable contract
Annotations:
- one or more parties can get out of contract for some legal reason
- written
Annotations:
- contract terms are written so that both parties know the exact terms
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