Contracts

Resource summary

Contracts
  1. Acceptance

    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. 
      3. Benefits

        Annotations:

        • An addition 
        1. Bilateral

          Annotations:

          • Two promises 
          1. Legality

            Annotations:

            • Illegal contracts
        2. Death

          Annotations:

          • Offeror Dies 
          1. Nominal Consideration

            Annotations:

            • Token amount 
            1. Counteroffer

              Annotations:

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

              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.
                1. Offeree

                  Annotations:

                  • The person receives the offer. 
                2. Oral

                  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  
                      3. Rejection

                        Annotations:

                        • Refusal by the offeror 
                        1. Express

                          Annotations:

                          • Contract statement that may be written or oral 
                        2. Insanity

                          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 
                              1. Mirror Image Rule

                                Annotations:

                                • Matching terms 
                                1. Valid Contract

                                  Annotations:

                                  • Includes all elements recognized by the courts 
                                  1. 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
                                      1. 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
                                      2. Dertriments

                                        Annotations:

                                        • Any loss suffered 
                                      3. Emancipation

                                        Annotations:

                                        • Serving of the parent-child realationship
                                        1. Statute of Frauds

                                          Annotations:

                                          • Requires that certain contracts be in writing 
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