3549426
Description
Mind Map by paulovermann, updated more than 1 year ago
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Created by paulovermann
over 9 years ago
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Contract Law
- Accpetance
Annotations:
- Unqualified Willingness by the offeree to go along with the offer
- Benefits
Annotations:
- Something that a party was not previously entitled to receive
- Bilateral
Annotations:
- Contains two promises
- Consideration
Annotations:
- Exchange of benefits and detriments by the parties to an agreements
- Capacity
Annotations:
- Legal ability to start a contract
- Death
Annotations:
- Offeror dies
- Detriments
Annotations:
- Anything lost or given up
- Duress
Annotations:
- Overcoming someones freewill by use of force or by threat of force
- Economic Duress
Annotations:
- Threats to a person's business or income
- Express
Annotations:
- Contract statemen that may be written or oral
- Emancipation
Annotations:
- Severing of the parent child-relationship
- Firm Offer
Annotations:
- A written offer for goods that states the period of time during which the offer will stay open
- Forbearance
Annotations:
- Not doing something that you have the right to do
- Fraudulent Mispreresentation
Annotations:
- Party to a contract deliberately makes an untrue statement of fact
- Implied
Annotations:
- Contract that comes about from the actions of a party
- Illusory Promises
Annotations:
- Clause or wording that allows party to escape from legal obligation
- Genuine Agreement (Assent)
Annotations:
- A valid offer has been made by the offeror, and a valid acceptance has been exercised by the offeree
- Insanity
Annotations:
- Offeror is declared insane
- Legality
Annotations:
- Illegal contracts
- Mentally Incapacitated
Annotations:
- Lacking the ability to understand the consequences of his or her contractual acts
- Mirror Image Rule
Annotations:
- Terms of the acceptance must match exactly (mirror) the terms of the offer
- Mutual mistake (Bilateral Mistake)
Annotations:
- Both parties are mistaken about an important fact
- Offer
Annotations:
- Proposal by one party to another in a written contract where either parties cannot or do not wish to state the amount
- Nominal Consideration
Annotations:
- Token amount in a written contract where either the parties cannot or do not wish to state the amount
- Offeree
Annotations:
- Offer made to this person
- Offeror
Annotations:
- Makes the offer
- Option
Annotations:
- The offeree gives the offeror something of value in return for a promise to keep the offer open for a set period of time
- Oral
Annotations:
- Created by two or more people speaking to eachother
- Rejection
Annotations:
- Refusal by the offeree
- Price Fixing
Annotations:
- Competitors agree on certain price rangers within which they will sell their products
- Restrictive Covenant
Annotations:
- Agreement not to compete in a region for a set period of time
- Past Peformance
Annotations:
- An act that has already been peformed cannot be consideration in a contract
- Revocation
Annotations:
- Taking back of an offer
- Statue of frauds
Annotations:
- Requires that certain contracts be in writing to be enforced
- Unconscionable
Annotations:
- So grossly unfair or oppressive that it would shock the conscience of the court
- Undue Influence
Annotations:
- Unfair and improper pressure within a relationship of turst
- Unenforceable Contract
Annotations:
- Contract that court will uphold, usually because of some rule of law
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