Key terms toContracts

Nota:

• Unqualified willingness by the offeree to go along w| the offer

1. conderation

   Nota:

   • exchange of benefits and detriments by the parties to an agreement
   1. Emancipation

      Nota:

      • severing of the parent-child relationship
   2. implied

      Nota:

      • contract that comes about from the actions of the parties
   3. insanity

      Nota:

      • offeror or declared insane
      1. Restrictive covenant

         Nota:

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

Nota:

• something that the party was not previously entitled to recieve

1. capacity

   Nota:

   • legal ability to enter a contract
   1. legality

      Nota:

      • illegal contracts
2. Death

   Nota:

   • offeror dies
   1. Economic Duress

      Nota:

      • threats to a person's business or income
      1. offer

         Nota:

         • proposal
   2. mutual mistake

      Nota:

      • both parties are mistake an important  fact
3. Forbearance

   Nota:

   • not doing something that you have the right to do
   1. Genuin Agreement

      Nota:

      • a valid offer has been made by the offeror , and a valid acceptance has been exercised by the offeree

Nota:

• contains two promises

1. counteroffer

   Nota:

   • any change in the terms of the offer
   1. Duress

      Nota:

      • Overcoming a person's free will by use of force or by threat of force or bodily harm
      1. offeree

         Nota:

         • offer made to this person
2. detriments

   Nota:

   • Any loss suffered: anything given up
   1. nominal consideration

      Nota:

      • token amount in a written contract where either the parties cannot or do not wish to state amont
   2. offeror

      Nota:

      • makes the offer

Nota:

• contract statement that may be written or oral

1. Firm offer

   Nota:

   • a written offer
   1. Fraudulent Mirepresentation

      Nota:

      • party to a contract deliberately makes an untrue statement of fact
      1. option

         Nota:

         • the offeree gives the offeror choices
   2. oral

      Nota:

      • created by two or more people speaking to eachother
2. illusory promises

   Nota:

   • clause or wording that allows party to escape from legal obligation
   1. price fixing

      Nota:

      • competitors agree on certain price ranges within which they will sell their product
3. past performance

   Nota:

   • an act that has already been performed cannot be consideration in a contract

Nota:

• lacking the ability to understand the consequences of his or her contractual acts

Nota:

• terms of the acceptance must match exactly the terms of the offer

1. rejection

   Nota:

   • refusal by the offeree