Contracts

Annotations:

• The unqualified willingness by the offeree to agree 

1. Capacity

   Annotations:

   • Ability to enter a contract 
   1. Mutual Mistake

      Annotations:

      • Both parties are mistaken
      1. Duress

         Annotations:

         • Overcoming a persons free will by use of force 
2. Firm Offer

   Annotations:

   • A written offer for goods that is limited time. 

Annotations:

• An addition 

1. Bilateral

   Annotations:

   • Two promises 
   1. Legality

      Annotations:

      • Illegal contracts

Annotations:

• Offeror Dies 

1. Nominal Consideration

   Annotations:

   • Token amount 
   1. Counteroffer

      Annotations:

      • Any change of terms of agreement. 
   2. Unenforceable Contract

Annotations:

• When the offeree gives the offerer something of value in return for a promise. 

1. Past Performance

   Annotations:

   • AN act that is already done.
2. Offeree

   Annotations:

   • The person receives the offer. 

Annotations:

• A verbal agreement between two or more people. 

1. Price Fixing

   Annotations:

   • Compromising on a fair price that will sell to consumers. 
   1. Implied

      Annotations:

      • Contracts that comes about from the actions of the parties. 
      1. Economic Duress

         Annotations:

         • Threats to a persons business or income 
         1. Written

            Annotations:

            • Contract items are written so that parties know
      2. Void Contract
2. Revocation

   Annotations:

   • Taking back of an offer by offerer  

Annotations:

• Refusal by the offeror 

1. Express

   Annotations:

   • Contract statement that may be written or oral 

Annotations:

• offeror is declared insane. 

1. Mentally Incapacitated

   Annotations:

   • Lacking the ability to be aware of ones actions.
   1. Offer

      Annotations:

      • Proposal by one party to another 
   2. Mirror Image Rule

      Annotations:

      • Matching terms 
      1. Valid Contract

         Annotations:

         • Includes all elements recognized by the courts 
      2. Unilateral Mistake
2. Genuine Agreement

   Annotations:

   • A valid offer 
   1. Forbearance

      Annotations:

      • Not doing something that you have the right to do 
      1. Consideration

         Annotations:

         • Exchange of benefits and detriments
      2. Unconscionable

         Annotations:

         • SOmething that would shock the coscience of court 
         1. Undue Influence

            Annotations:

            • Unfair and improper 
            1. Usury

               Annotations:

               • Charging too high of interest rate 
         2. Voidable contract
3. Dertriments

   Annotations:

   • Any loss suffered 

Annotations:

• Serving of the parent-child realationship

1. Statute of Frauds

   Annotations:

   • Requires that certain contracts be in writing