Amber and Renee

Nota:

• The offeree goes along with the offer

Nota:

• Something that was not previously offered

Nota:

• Contains two promises

1. Capacity

   Nota:

   • Legal ability to enter into a contract

Nota:

• Exchange of benefits and detriments

1. Counteroffer

   Nota:

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

      Nota:

      • offeror dies
      1. Detriments

         Nota:

         • anything given up
      2. Duress

         Nota:

         • overcoming a persons free will 
         1. Economic Duress

            Nota:

            • threats to a persons business or income
            1. Emanicipation

               Nota:

               • severing of the parent-child relationship
               1. Express

                  Nota:

                  • contract statement that may be written or oral
            2. Firm Offer

               Nota:

               • a written offer for goods that states the period of time during which the offer will stay open
               1. Forbearance

                  Nota:

                  • not doing something that you have a right to do
                  1. Fruadulent Misrepresentaton

                     Nota:

                     • party to a contract deliberatley makes an untrue statement of fact
                     1. Genuine Agreement

                        Nota:

                        • A valid offer made by the offeror and has been accepted 
                        1. Illusory Promises

                           Nota:

                           • Wording that allows the party to release from legal obligation 
                           1. Implied

                              Nota:

                              • The parties action comes from a contract
                              1. Insanity

                                 Nota:

                                 • the offeror is to be abnormaly challenged 
                                 1. Legality

                                    Nota:

                                    • Illegal forms as to be called contracts
                                    1. Mentally Incapacitated

                                       Nota:

                                       • Consequences from people of contractual acts which lack to understand
                                       1. Mirror Image Rule

                                          Nota:

                                          • terms and the offer must match exactly 
                                          1. Mutual Mistake

                                             Nota:

                                             • both parties are miss lead about the importants of facts
                                             1. Nominal Consideration

                                                Nota:

                                                • the parties have an amount and do not wish to say what amount
                                                1. Offer

                                                   Nota:

                                                   • Proposal by one party to another
                                                   1. Oferee

                                                      Nota:

                                                      • Offer made to this person
                                                      1. Oferor

                                                         Nota:

                                                         • makes the offer
                                                         1. Option

                                                            Nota:

                                                            • gives the offeror something of value in return
                                                            1. Oral

                                                               Nota:

                                                               • Created by two or more people speaking to eachother
                                                               1. Past Performance

                                                                  Nota:

                                                                  • Act that already been performed
                                                                  1. Price Fixing

                                                                     Nota:

                                                                     • Competitors agree on price ranges
                                                                     1. Rejection

                                                                        Nota:

                                                                        • refusal by the offeree
                                                                        1. Restrictive Covenant

                                                                           Nota:

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

                                                                              Nota:

                                                                              • Taking back of an offer by offeror
                                                                              1. Statue of Fraud

                                                                                 Nota:

                                                                                 • Requires that certain contracts to be in writing
                                                                                 1. Unconscionable

                                                                                    Nota:

                                                                                    • So grossly unfair
                                                                                    1. Undue Influence

                                                                                       Nota:

                                                                                       • unfair and improper persuasive pressure within a relationship
                                                                                       1. Unenforceable Contract

                                                                                          Nota:

                                                                                          • Contract that court will not uphold
                                                                                          1. Unilateral

                                                                                             Nota:

                                                                                             • contains a promise by only one person to do something
                                                                                             1. Unilateral Mistake

                                                                                                Nota:

                                                                                                • an error on the part of one of the parties
                                                                                                1. Usury

                                                                                                   Nota:

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

                                                                                                      Nota:

                                                                                                      • includes all elements by the court
                                                                                                      1. Void Contract

                                                                                                         Nota:

                                                                                                         • without legal effect
                                                                                                         1. Voidable Contract

                                                                                                            Nota:

                                                                                                            • one or more parties can get out of contract for some legal reason
                                                                                                            1. Written

                                                                                                               Nota:

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