3549410
Description
Mind Map by Chris Scearce, updated more than 1 year ago
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Created by Chris Scearce
over 9 years ago
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Contract Law
- Acceptence
Annotations:
- agreement to the offer
- Benefits
Annotations:
- something that someone gains with a positive effect
- Bilateral
Annotations:
- two sides
- Capacity
Annotations:
- Enter a contract legally
- Consideration
Annotations:
- Exchanging benefits for a agreement
- Counteroffer
Annotations:
- to answer an offer with another offer
- Death
Annotations:
- Offeror dies
- Detriments
Annotations:
- anything given up
- Duress
Annotations:
- Overcoming a persons free will with threats
- Economic Duress
Annotations:
- Threats to a persons business or income
- Emancipation
Annotations:
- severing a parent-child relationship
- Express
Annotations:
- Contract statement
- Firm Offer
Annotations:
- a written offer for goods with a timer
- Forbearance
Annotations:
- Not doing something that you have the right to do
- Fraudulent
Misrepresentation
Annotations:
- Party deliberately makes a untrue statement
- Genuine Agreement
Annotations:
- Valid offer a valid acceptence
- Illusory Promises
Annotations:
- clause that allows a party to escape from legal obligation
- Implied
Annotations:
- Contract that comes from the actions of a party
- Insanity
Annotations:
- Offeror is declared insane
- Legality
Annotations:
- Illegal Contracts
- Mentally Incapacitated
Annotations:
- Lacking ability to understand the consequences of his actions
- Mirror Image Rule
Annotations:
- Terms of acceptance must exactly match the terms of the offer
- Bilateral Mistake
Annotations:
- Both sides messed up
- Nominal Consideration
Annotations:
- a hidden token amount in the contract
- Offer
Annotations:
- A proposal from one party to another
- Offeree
Annotations:
- Person receiving an offer
- Offeror
Annotations:
- Made the offer
- Oral
Annotations:
- created by more than one person speaking to each other
- Option
Annotations:
- gives something to put the offer on hold
- Past Performance
Annotations:
- An act that has already been performed cannot be consideration in a contract
- Price Fixing
Annotations:
- Competitors agree on price ranges
- Restrictive Covenant
Annotations:
- Agreement not to compete in a region for a limited time
- Rejection
Annotations:
- Offer is declined
- Revocation
Annotations:
- Taking back an offer
- Statute of Fruads
Annotations:
- Requires that certain contracts be in writing
- Unconscionable
Annotations:
- So grossly unfair that it would shock the court conscience
- Unenforceable contract
Annotations:
- contract the court will not uphold
- Undue Influence
Annotations:
- Unfair persuasive pressure within a relationship of trust
- Unilateral
Annotations:
- promise by one person when the other performs a act
- Usury
Annotations:
- interest rate is too high
- Unilateral Mistake
Annotations:
- one persons error
- Valid Contract
Annotations:
- recognized by the court
- Void Contract
Annotations:
- without legal effect
- Voidable contract
Annotations:
- one party can get out of contract for legal reason
- Written
Annotations:
- contract terms are written so both parties know the exact terms
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