contracts

Nota:

• willingness to go along with the offer

Nota:

• something party was not entitled to receive 

1. implied

   Nota:

   • contract that comes from the actions from the party
2. valid contract

   Nota:

   • includes all elements recognized by a court 

Nota:

• legal ability to enter a contract

1. nominal consideration

Nota:

• exchange of benefits to a party for agreements 

1. offer

   Nota:

   • legal binding agreement between 2 parties
   1. offeree

      Nota:

      • makes the offer
      1. rejectiom

         Nota:

         • refusal from an offer

Nota:

• offeror dies

1. genuine agreement

   Nota:

   • valid offer made by the offerer 
2. option

   Nota:

   • being able to pick one or the other 

Nota:

• threats to a business by income 

1. illusory promises

   Nota:

   • wording that allows a party to leave a legal obligation 
2. revocation

   Nota:

   • taking back an offer

Nota:

• severing of the parent/child relationship

1. legality

   Nota:

   • illegal contracts 
   1. void contract

      Nota:

      • without legal effect
2. mirror image rule

   Nota:

   • terms must match terms of offer exactly 
3. mutual mistake

   Nota:

   • both parties mistaken about important fact

Nota:

• written or oral contract statment 

1. offeror

   Nota:

   • puts up an offer
   1. oral

      Nota:

      • created by 2 or more people by  speaking to eachother
      1. unilateral

         Nota:

         • contains a promise 1 person to do something if and when the other party performs a certain action
   2. restrictive covenant

      Nota:

      • not to compete in a region for as set amount of time 

Nota:

• written offer that states how long an offer will be open 

1. mentally incapacitated

   Nota:

   • mentally unable to understand consequences 
   1. statute of frauds

      Nota:

      • that certain contracts be in writing 
      1. unconscionable

         Nota:

         • unfair persuasive pressure in an offer
      2. written

         Nota:

         • contract terms are written so that both parties know the exact terms 
   2. unilateral mistake

      Nota:

      • error on one of the parts of the party
2. voidable contract

   Nota:

   • when a party cant get out of an offer for some legal reason 

Nota:

• not doing something you have the right to do 

1. usury

   Nota:

   • charging to high of an interest rate