3549414
Description
Mind Map by purnell132austin, updated more than 1 year ago
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Created by purnell132austin
almost 9 years ago
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Key
Terms of
Contract
Laws
- Acceptance
Annotations:
- Unqualified by the offeree
- Benefits
Annotations:
- Something that wasn't going to be entitled to you
- Bilateral
Annotations:
- Two Promises
- Capacity
Annotations:
- Legal ability to enter into a contract
- Consideration
Annotations:
- Benefits to an agreement
- Counteroffer
Annotations:
- Any change in the offer
- Death
Annotations:
- DEADER THAN DEAD!!!
- Detriments
Annotations:
- Any loss
- Duress
Annotations:
- Overcoming a person by force
- Economic Duress
Annotations:
- Threats to persons business
- Emancipation
Annotations:
- Parent-child relationship
- Express
Annotations:
- Contract statement that may be written
- Firm offer
Annotations:
- A written offer
- Forbearance
Annotations:
- Not doing something that you have a right to do
- Fraudulent Misreoresentation
Annotations:
- Party to a contract makes a false statement
- Genuine Agreement
Annotations:
- A valid offer has been made by the offeror
- Illusory Promises
Annotations:
- Allows escape from legal obligation
- Implied
Annotations:
- Contract that comes about from the actions
- Insanity
Annotations:
- Offeror is crazy!
- Legality
Annotations:
- Illegal Contracts
- Mentally Incapacitated
Annotations:
- Lacking the ability to understand
- Mirror Image Rule
Annotations:
- Must match exactly
- Mutual Mistual
Annotations:
- Both parties make a mistake
- Normal Consideration
Annotations:
- Parties do not want to state the amount
- Offer
Annotations:
- Proposal from one person to another
- Offeree
Annotations:
- The one who receives a offer
- Offeror
Annotations:
- Makes the offer
- Option
Annotations:
- Offer open for a period of time
- Oral
Annotations:
- Created by two or more people
- Past Performance
Annotations:
- An act already performed
- Price Fixing
Annotations:
- Competitors agree on certain price ranges
- Rejection
Annotations:
- Refusal by the offeree
- Restrictive Covenant
Annotations:
- Agreement not to complete in a region for a certain time
- Revocation
Annotations:
- Taking back a offer
- Statute of Frauds
Annotations:
- Requires contracts to be written and there enforceable
- Unconscionable
Annotations:
- So grossly unfair
- Undue Influence
Annotations:
- Unfair and improper
- Unenforceable Contract
Annotations:
- Contract that court will not uphold
- Unlateral
Annotations:
- Promise by only one person to do something
- Unilateral Mistake
Annotations:
- An error
- Usury
Annotations:
- Charging too high of an interest rate
- Valid Contract
Annotations:
- Includes all elements by courts
- Void Contract
Annotations:
- Without legal effect
- Voidable Contract
Annotations:
- One or more parties can get out of contract
- Written
Annotations:
- Contact terms are written
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