3551924
Description
Mind Map by loganslade7, updated more than 1 year ago
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Created by loganslade7
about 9 years ago
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Logan Slade
- Acceptance-
Unqualified willingness
by the offeree to go
along with the offer
- Benefits- Something that a
party was not previously
entitled to recieve
- Bilateral-
Contains two
promises
- Capacity- Legal
ability to enter a
contract
- Consideration- Exchange
of benefits and detriments
by the parties to an
agreement
- Counteroffer- Any
change in the terms
of the offer
- Death
Annotations:
- Offeror dies
- Detriments
Annotations:
- Any loss suffered
- Duress
Annotations:
- Overcoming a persons free will by use of force
- Economic Duress
Annotations:
- Threats to a persons business or income
- Emancipation
Annotations:
- serving of the parent-child relationship
- Express
Annotations:
- Contract statement that may be written or oral
- Firm offer
Annotations:
- A written offer
- Forbearance
Annotations:
- Not doing something that you have the right to do
- Fraudulent
misrepresentation
Annotations:
- Party to contract makes an untrue statement
- Genuine agreement
Annotations:
- A valid agreement
- Illusory
Promises
Annotations:
- Clause or wording that allows party to escape from legal obligation
- Implied
Annotations:
- Contract that comes from actions of offeror
- Insanity
Annotations:
- Offeror is insane
- Legality
Annotations:
- illegal contracts
- Mentally
incapacitated
Annotations:
- not mentally able to coroporate
- Mirror image rule
Annotations:
- terms must match
- Mutual mistake
Annotations:
- both parties mistaken about an important fact
- Nominal consideration
Annotations:
- Token amount in a written contract where either parties cannot or do not wish to state the amount
- Offer
Annotations:
- proposal from one party to another
- 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
- Oral
Annotations:
- created by 2 or more people speaking to each other
- Past Performance
Annotations:
- act has aready been performed and cannot be considered in a contract
- Price fixing
Annotations:
- Competitors agree on certain price ranges within which they will sell their products
- Rejection
Annotations:
- refusal of offer
- Restrictive covenant
Annotations:
- Agreement not to compete in a region for a period of time
- Revocation
Annotations:
- Taking back an offer
- Statute of frauds
Annotations:
- Requires that certain contracts be in writing to be enforceable
- Unconscionable
Annotations:
- So grossly 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 not uphold usually because of some rule of law
- Unilateral
Annotations:
- contains a promise by only one person to do something if, and when, the other party performs a certain act
- Unilateral mistake
Annotations:
- Am error on the part of one of the parties
- Usury
Annotations:
- changing too high of an interest rate
- Valid contract
Annotations:
- Includes all elements recognized by the courts
- Void contract
Annotations:
- Without legal effect
- Voidable contract
Annotations:
- One or more parties can get out of contract for some legal reason
- Written
Annotations:
- contract terms are written so that both parties know the exact terms
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