3551976
Description
Mind Map by chelsealynn, updated more than 1 year ago
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Created by chelsealynn
over 9 years ago
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Contract Law Key Terms
- Acceptance
Annotations:
- Willingness to go along with the offer
- Benefits
Annotations:
- Something that a party was not previously entitled to get
- Bilateral
Annotations:
- Contains two promises
- Capacity
Annotations:
- Legal ability to enter into a contract
- Consideration
Annotations:
- Exchange of benefits by the parties to an agreement
- Counteroffer
Annotations:
- change in the offer
- Death
Annotations:
- offeror dies
- Detriments
Annotations:
- loss or anything thats given up
- Duress
Annotations:
- overcoming a persons will by threat or harm
- Economic Duress
Annotations:
- threat to a business or persons income
- Emancipation
Annotations:
- getting rid of the parent child relationship
- Express
Annotations:
- statement of a contract may be written or oral
- Firm offer
Annotations:
- written offer that states the time that the offer will remain open
- Forbearance
Annotations:
- Not doing things you have the right to do
- Fraudulent Misrepresentation
Annotations:
- party to a contract that makes a untrue statement
- Genuine Agreement
Annotations:
- Offer made by offeror and has been accepted
- Illusory Promises
Annotations:
- Cause that allows party to get out of legal obligation
- Implied
Annotations:
- Contract that comes from the actions of the party
- Insanity
Annotations:
- Offeror is declared insane
- Legality
Annotations:
- Illegal contracts
- Mentally Incapacitated
Annotations:
- lack of ability to understand consequences of contractual acts
- Mirror Image Rule
Annotations:
- terms of the acceptance must match terms of the offer
- Mutual Mistake
Annotations:
- both parties are mistaken
- Nominal Consideration
Annotations:
- amount written in a contract where parties don't want to state the amount
- Offer
Annotations:
- something offered by one person to another with intentions to create a legal binding
- Offeree
Annotations:
- person offer was made to
- Offeror
Annotations:
- person who made the offer
- Option
Annotations:
- offeree giver offeror something of value to keep the offer open longer
- Oral
Annotations:
- made by two or more people speaking to each other
- Past Performance
Annotations:
- act that has already been performed cannot be considered into contract
- Price Fixing
Annotations:
- competitors agree on price ranges that they sell their product
- Rejection
Annotations:
- refusal by offeree
- Restrictive Covenant
Annotations:
- agreement where you agree not to compete somewhere in a period of time
- Revocation
Annotations:
- taking back of an offer
- Statue of Frauds
Annotations:
- certain contracts be in writing
- Unconscionable
Annotations:
- so unfair that it would shock the court
- Unenforceable Contract
Annotations:
- court will not uphold
- Undue Influence
Annotations:
- persuassive pressure that isnt fail in a relationship of trust
- Unilateral
Annotations:
- promise where if one person does something the other person will do something
- Unilateral Mistake
Annotations:
- error of one party
- Usury
Annotations:
- too high interest rate charged
- Valid Contract
Annotations:
- all emements reconized by courts
- Void Contract
Annotations:
- without legal effect
- Voidable Contract
Annotations:
- parties can get out of contract
- Written
Annotations:
- terms are written so both parties know
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