3549375
Characteristics
of Contracts
- Acceptance
Annotations:
- the offeree goes along with the
- Benefits
Annotations:
- an advantage or profit gained from something
- Bilateral
Annotations:
- two people are involved and they agree (two promises)
- Capacity
Annotations:
- capable of entering a contract
- Consideration
Annotations:
- everyone agrees
- Counteroffer
Annotations:
- any changes
- Forbearance
Annotations:
- doing something that you are not suppose to do
- Death
Annotations:
- dead someone dead
- Detriments
Annotations:
- anything given up
- Duress
Annotations:
- being put under fear by use of force
- Economic
Duress
Annotations:
- threats to a persons income
- Emancipation
Annotations:
- serving a parent-child relationship
- Express
Annotations:
- contract statement that is written
- Firm Offer
Annotations:
- an offer that has when it will be descussed
- Fraudulent
Misrepresentation
Annotations:
- party to a contract that makes an untrue statement
- Genuine Agreement
Annotations:
- a valid offeror and acceptance has been exercised by the offeree
- Illusory
Promises
Annotations:
- clause that allows a party from legal obligation
- Implied
Annotations:
- contract comes from a party
- Insanity
Annotations:
- offeror in insane lol
- Legality
Annotations:
- Illegal contracts
- Mentally
Incapacitated
Annotations:
- doesn't know the consequnces
- Mirror Image Rule
Annotations:
- terms or acceptance match exactly to terms of offer
- Mutual Mistake
Annotations:
- mistaken by an important fact
- Nominal
Consideration
Annotations:
- a contract where no one wants to put an amount on it
- Offer
Annotations:
- a legal agreement to a party
- Offeree
Annotations:
- offer made to this person
- Offeror
Annotations:
- person who makes the offer
- option
Annotations:
- trading something to keep a promise kept
- Oral
Annotations:
- created by two or more people speaking to each other
- Past Performance
Annotations:
- a performance thats already been performed and is not a consideration to the contract
- Price Fixing
Annotations:
- selling products
- Rejection
Annotations:
- refused by the offeree lol
- Restrictive
Covenant
Annotations:
- an agreement not to complete in a period of time
- Revocation
Annotations:
- taking back an offer
- Statue
of
Frauds
Annotations:
- contracts that are enforceable
- Unconscionable
Annotations:
- something bad thatll shock the court
- Written
Annotations:
- contact terms are written
- Usury
Annotations:
- charging to high
- undue Influence
Annotations:
- unfair pressure
- Unilateral
Annotations:
- a promise between two people
- Unenforceable
Contract
Annotations:
- contract that court will not uphold
- Unilateral Mistake
Annotations:
- an error that one person did
- Valid Contract
Annotations:
- includes all elements
- Void Contract
Annotations:
- without legal effect
- Voildable Contract
Annotations:
- one or more parties can get out of the contract
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