Key Terms of Contract Law

Nota:

• Offeree saying they accept the offer

1. Benefits

   Nota:

   • Something that someone was not previously entitled to recieve
   1. Bilateral

      Nota:

      • Contains two promises 
      1. Capacity

         Nota:

         • Legal ability to enter into a contract
         1. Consideration
            1. Economic Duress

               Nota:

               • Threats so a persons business or income
            2. Emancipation

               Nota:

               • Serving of the parent-child relationship
   2. Detriments

      Nota:

      • Any loss suffered ; anything given up
      1. Duress

         Nota:

         • Stress
2. Counteroffer

   Nota:

   • Any change in terms of the offer
   1. Death

      Nota:

      • Offeror dies
      1. Express

         Nota:

         • Contract statement that may be written oral

Nota:

• Written offer for goods that lets you know how long the offer will stay open

1. Forbearance

   Nota:

   • Not doing something u have the right to do
   1. Fruadlent Misrepresentation

      Nota:

      • Party to a contract deliberately makes an untrue statment
      1. Implied

         Nota:

         • Contract that comes about from the actions of parties 
         1. Mentally Incapacitated

            Nota:

            • Lacking the ability to understand the consequences of his or her contractual acts
         2. Mirror Image Rule

            Nota:

            • Terms of the acceptance must match exactly(mirror) the terms of the offer
            1. Offeree

               Nota:

               • Offer made to this person
2. Genuine Agreement( Assent

   Nota:

   • Valid offer has been made by the offeror, and a valid acceptance has been exercised by the offeree
   1. Illusionary Promises

      Nota:

      • Clause or wording that allows a party to escape from legal obligation
      1. Insanity

         Nota:

         • Offeror is declared insane
         1. Legality

            Nota:

            • Illegal contracts 
         2. Nominal Consideration

            Nota:

            • Token amount in a written contract where either the parties cannot or do not wish to state the amount
         3. Offer

            Nota:

            • proposal by one party to another with the intent to create a legal binding agreement
   2. Mutual Mistake( Bilateral Mistake)

      Nota:

      • Both parties are mistaken about an important fact

Nota:

• Makes the offer

1. Option

   Nota:

   • The offeree gives the offeror something of value in return for a promise to keep the offer open for a set period of time
2. Oral

   Nota:

   • Created by two or more people speaking to each other
3. Past Performace

   Nota:

   • An act that has already been performed cannot be consideration in a contract
4. Price Fixing

   Nota:

   • Competitors agree on certain price ranges within which they will sell their products
5. Rejection

   Nota:

   • When someone says no

Nota:

• agreement not to compete in a region for a period of time

1. Revocation

   Nota:

   • Taking back an offer
   1. Unconscionable

      Nota:

      • so grossly unfair or oppressive that it would shock the conscience of the court
      1. Unilateral

         Nota:

         • Contains a promise by only one person to do something if, and when, the other party performs a certain act
         1. Usury

            Nota:

            • Charging too high of an interest rate
            1. Written
         2. Voidable Contract

            Nota:

            • One or more parties can get out of a contract for some legal reason
      2. Void Contract

         Nota:

         • Without legal effect
   2. Undue Influence

      Nota:

      • Unfair and improper persuasive pressure within a relationship of trust
      1. Unenforceable Contract

         Nota:

         • Contract that court will no uphold, usually becomes of some rule of law
         1. Unilateral Mistake

            Nota:

            • An error on the part of one of the parties 
      2. Valid Contract

         Nota:

         • Includes all elements recognized by the courts
2. Statue of Fruads

   Nota:

   • Requires that certain contracts be in writing to be enforced