3549407
Description
Mind Map by timothyg778, updated more than 1 year ago
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Created by timothyg778
over 9 years ago
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Elements And
Characteristics
- Acceptance
Annotations:
- Accepting the offer.
- Benefits
Annotations:
- Something receive unexpected
- Bilateral
Annotations:
- Two Promises
- Capacity
Annotations:
- Enter into a contract
- Consideration
Annotations:
- Benefits to an agreement
- Counteroffer
Annotations:
- changes made in an offer
- Death
Annotations:
- Dead!!!!!
- Detriments
Annotations:
- Any loss
- Duress
Annotations:
- Overcoming by force
- Economic Duress
- Emancipation
Annotations:
- Parent child relationship
- Express
Annotations:
- Contract statement that may be written oral
- Firm Offer
Annotations:
- A written offer
- Forbearance
Annotations:
- DOING WRONG!!!!!!!!
- Fraudulent
Misrepresentation
Annotations:
- party makes an untrue fact
- Genuine
Agreement
(Assent)
Annotations:
- A valid offer has been made by the offeror
- Illusory Promises
Annotations:
- Allow escape from legal obligation
- Implied
Annotations:
- Contracts that come from about the action
- Insanity
Annotations:
- Offeror is crazy
- Legality
Annotations:
- Illegal Contract
- Mentally Incapcitated
Annotations:
- Lacking the ability to understand
- Mirror Image Rule
Annotations:
- Match exactly
- Mutual Mistake
Annotations:
- Both parties make a mistake
- Nominal Consideration
Annotations:
- Parties cannot or do wish to state the amount
- Offer
Annotations:
- Proposal by one party to another with intent to create a legal binding agreement
- Offeree
Annotations:
- person who receives an offer
- Offeror
Annotations:
- person who makes the offer
- Option
Annotations:
- giving the offeror something in return that has value
- Oral
Annotations:
- Created by two or more people speaking to each other
- Past Performation
Annotations:
- Act that has already been performed cannot be consideration in a contract
- Price Fixing
Annotations:
- competitors agree on certain price ranges
- Rejection
Annotations:
- Refusal by the offeree
- Restrictive Covenant
Annotations:
- agreement not to compete in a region for a period of time
- Revocation
Annotations:
- Taking back of an offer by offeror
- Statute of Frauds
Annotations:
- Requires certain contracts to be in writing to be enforceable
- Unconscionable
Annotations:
- Unfair or oppressive that it would shock the conscience of the court
- Undue Influence
Annotations:
- Unfair and improper persuasive pressure within a relationship of trust
- Unenforceable Contract
Annotations:
- Contract that court will no unhold
- Unilateral
Annotations:
- Contains a promise by only one person to do something
- Unilateral Mistake
Annotations:
- An error on the part of one of the parties
- Usury
Annotations:
- Charging to high of an interest rate
- Valid Contract
Annotations:
- Includes all elements recognized by the court
- Void Contract
Annotations:
- Without legal effect
- Voidable Contract
Annotations:
- One or more parties can get out of an contract for some legal reason
- Written
Annotations:
- Contract terms are written so that both parties know the exact terms
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