Contract Law Key Terms

Nota:

• When the offeree accepts the offer.

1. Bilateral

   Nota:

   • Two promises.
   1. Benefits

      Nota:

      • something the party wasn't expected to recieve
      1. Detriments

         Nota:

         • any loss or dealing with giving up
2. Mutual Mistake

   Nota:

   • both parties are mistaken about an important fact
   1. Offer

      Nota:

      • proposal of one party to another to create a legal binding agreement
      1. Price fixing

         Nota:

         • when a competitor agrees to a certain price range to sell their products

Nota:

• Ability to enter a contract.

1. Consideration

   Nota:

   • trading of benefits and detriment by the party to come to an agreement.
   1. Counteroffer

      Nota:

      • any changes in the offer.
      1. Death

         Nota:

         • the offeror dies.
   2. Oral

      Nota:

      • created by two or more people talking to one anoter
      1. Rejection

         Nota:

         • refusal by the offeree
2. Restrictive covenant

   Nota:

   • agreement not to compete in a region for a certain time

Nota:

• overcoming a persons free will by the use of any type of force

1. Economic Duress

   Nota:

   • a threat to a persons income or busisness
   1. Emancipation

      Nota:

      • the serving of a parent-child relationship
      1. Firm offer

         Nota:

         • a written offer that states when a offer will stay open
         1. Forbearance

            Nota:

            • not doing something you have the right to do
   2. Past Performance

      Nota:

      • something that has already happened and cant be considered in a contract
2. Express

   Nota:

   • a contract statement thats written or oral
3. Fraudulent Misrepresentation

   Nota:

   • a party to a contract that makes an untrue statement
   1. Offeree

      Nota:

      • who the offer is made to
4. Genuine agreement (assent)

   Nota:

   • a valid offeror that a offeree accepts

Nota:

• a clause or warning that allows the party to escape from legal obligation

1. Implied

   Nota:

   • a contract that is made by the actions of a party
   1. Insanity

      Nota:

      • when the offeror is declared insane
      1. Legality

         Nota:

         • illegal contracts
         1. Mentally Incapaitated

            Nota:

            • lacking the understanding of of consequences of his or her own contractual actions.
         2. Offeror

            Nota:

            • one who makes the offer
            1. Option

               Nota:

               • the offeree gives something in value to promise to keep the offer open for a certain period of time
      2. Mirror image rule

         Nota:

         • where the terms of acceptance and offer match