Key Terms of Contract Law

Nota:

• the offeree gives unqualified willingness to go with the offer

1. Benefits

   Nota:

   • Something that a party will get that they couldn't get earlier
   1. Bilateral

      Nota:

      • Holds 2 promises
      1. Counteroffer

         Nota:

         • changing the terms in a offer
         1. Detriments

            Nota:

            • anything lost or given up
            1. Undue Influence

               Nota:

               • improper persuasive pressure within a trusting relationship
         2. Duress

            Nota:

            • threatening a person with force or actually harming them to overcome their free will
            1. Economic Duress

               Nota:

               • threatening to hurt a person's place of business or their income
               1. Oral

                  Nota:

                  • is created 2 or more people speaking to each other
               2. Mirror Image Rule

                  Nota:

                  • the terms of acceptance  have to be exactly matching to the terms of the offer
               3. Statute of Frauds

                  Nota:

                  • a requirement that certain contracts to be in enforceable writing
                  1. Usury

                     Nota:

                     • making u pay too much for an interest rate
               4. Written

                  Nota:

                  • written contract terms that both parties know the exact terms
            2. Genuine Agreement/Assent

               Nota:

               • the offeror makes a valid offer and the person receiving the offer makes a valid acceptance
               1. Unenforceable Contract

                  Nota:

                  • a contract that can't be used in court because of some rule of law
                  1. Unconscionable

                     Nota:

                     • an act that is so terribly unfair that it shocks the conscience of the court
   2. Firm Offer

      Nota:

      • a written offer for products/goods that tells how much time the offer is still open
      1. Emancipation

         Nota:

         • cutting of the relationship between parent and child
   3. Forbearance

      Nota:

      • not doing something that u can do
   4. Death

      Nota:

      • a person in the agreement dies
   5. Fraudulent Misrepresentation

      Nota:

      • one party intentionally makes a untrue statement of fact
   6. Offer

      Nota:

      • a proposal from 1 party to another with intent to create a legal binding agreement
2. Consideration

   Nota:

   • both parties agree to each others benefits
   1. Express

      Nota:

      • a written or verbal contract statement
      1. Mentally Incapacitated

         Nota:

         • not able to understand their own consequences in contractual acts
         1. Rejection

            Nota:

            • the offeree says no to the offer
            1. Unilateral Mistake

               Nota:

               • a mistake one party makes
         2. Revocation

            Nota:

            • the offeror takes back the offer
         3. Voidable Contract

            Nota:

            • a party or more can legally get out of a contract as long as it is a legal reason

Nota:

• the person the offer is made to

1. Insanity

   Nota:

   • the person offering something is kookoo for Cocoa Puffs?Insane
   1. Mutual Mistake

      Nota:

      • both of the parties are in error of a important fact (they both make a mistake)
      1. Offeror

         Nota:

         • the person making the offer
         1. Option

            Nota:

            • the offeree gives a valuable in return for a promise to keep the offer open for a set period of time
            1. Past Performance

               Nota:

               • an already performed act that can't be considered in the contract

Nota:

•  u are able to go into a contract legally 

1. Legality

   Nota:

   • contracts that are illegal
   1. Illusory Promises

      Nota:

      • words that allow a party to escape from legal obligation
      1. Void Contract

         Nota:

         • doesn't have legal effect
      2. Implied

         Nota:

         • a contract that comes about from the other party's actions
         1. Nominal Consideration

            Nota:

            • a token amount in a written contract neither parties can't and do not wish to tell how much the amount is. 
            1. Unilateral

               Nota:

               • a promise by 1 person to do something after the other party does a certain act
   2. Restrictive Covenant

      Nota:

      • an agreement to not compete for a set time period in a region

Nota:

• it contains all the elements recognized by the court