Key terms of Contract Law

Nota:

• unqualified willingness by the offree to go along with the offer

1. Benefits

   Nota:

   • a party was not prevously entilted to recieve 
   1. bilateral

      Nota:

      • contains 2 promises 
      1. capacity

         Nota:

         • legal ability to enter into a contract 
         1. consideration

            Nota:

            • exchange of benefits and detriments by the parties to an agreements 
            1. counteroffer

               Nota:

               • change in the terms of the offer 
               1. death

                  Nota:

                  • offeror dies
                  1. detriments

                     Nota:

                     • any loss suffered
                     1. duress

                        Nota:

                        • overcoming a persons free will by use of force 
   2. economic duress

      Nota:

      • threats to somebodys income or business
      1. Emanciption

         Nota:

         • severing of the parent-child relationship
         1. express

            Nota:

            • contract statement that may be written or oral 
            1. firm offer

               Nota:

               • written offer for goods that states the time a offer will be open 
               1. forbearance

                  Nota:

                  • not doing something you have the right to do 
                  1. frudulent misrepresention

                     Nota:

                     • party to a contract delilbertly makes an untrue statement of fact 
                     1. genunine agreement

                        Nota:

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