Contract Law

Nota:

• Unqualified willingness by the offeree to go along with the offer

1. Capacity

   Nota:

   • Legal ability to enter into a contract.
   1. Death

      Nota:

      • Offeror dies
2. Consideration

   Nota:

   • Exchange of benefits and detriments by the parties to an agreement

Nota:

• Something the party wasn't originally entitled to get.

Nota:

• Contains two promises

Nota:

• Any change in the offer

1. Emancipation

   Nota:

   • Destroying the parent-child relationship
   1. Offer

      Nota:

      • Proposal by one party to another
      1. Offeree

         Nota:

         • Recieves the offer
         1. Offeror

            Nota:

            • Makes the offer

Nota:

• Anything given up

Nota:

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

1. Economic Duress

   Nota:

   • Threatening a person's business or income
   1. Express

      Nota:

      • Contract statement that may be written or oral
      1. Unconscionable

         Nota:

         • Grossly unfair or oppressive that it would shock the court
         1. Undue Influence

            Nota:

            • Unfair and improper persuasive pressure within a relationship of trust

Nota:

• States how long the offer will stay open

1. Forbearance

   Nota:

   • Not doing what you can do
   1. Fraudulent Misrepresentation

      Nota:

      • Party to a contract purposely makes an untrue statement
      1. Illusory Promises

         Nota:

         • Wording that allows you to escape from legal obligation
      2. Implied

         Nota:

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

            Nota:

            • Without legal effect
      3. Insanity

         Nota:

         • Offeror is declared insane
      4. Legality

         Nota:

         • Illegal contracts
      5. Mentally Incapacitated

         Nota:

         • Doesn't understand there contractual actions
         1. Unilateral Mistake

            Nota:

            • An error on the part of one person
   2. Genuine Agreement

      Nota:

      • Valid offer and valid acceptance
   3. Past Performance

      Nota:

      • An act that has already been performed
   4. Price Fixing

      Nota:

      • Agreeing on certain price ranges
      1. Rejection

         Nota:

         • Refusal by the offeree
      2. Restrictive Covenant

         Nota:

         • Agreement not to compete in a region for a period of time
         1. Revocation

            Nota:

            • Taking back an offer
            1. Unsury

               Nota:

               • Charging to high of an interest rate
               1. Valid Contract

                  Nota:

                  • Includes all elements recognized by the courts
         2. Statute of Frauds

            Nota:

            • Certain contracts have to be in writing to be enforceable
      3. Unenforceable contract

         Nota:

         • A contract a court will not uphold

Nota:

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

Nota:

• Both parties are mistaken about an important fact

1. Option

   Nota:

   • Choices to choose from
   1. Oral

      Nota:

      • Created by 2 or more people speaking to each other
2. Unilateral

   Nota:

   • Contains a promise by only one person
3. Written

   Nota:

   • Contract terms are written so that both parties know the exact terms

Nota:

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

Nota:

• 1 or more parties can get out of a contract for some legal reason