Contracts1

Annotations:

• unqualified unwilling by the offeree to with the offer

1. Benefits
   1. Bilateral

      Annotations:

      • two promises
      1. Capacity

         Annotations:

         • legal ability to enter into a contract
         1. Consideration

            Annotations:

            • exchange of benefits and detriments by the parties to an agreement
            1. Counteroffer

               Annotations:

               • change in terms of the offer
               1. Death

                  Annotations:

                  • offeror dies 
                  1. Detriments

                     Annotations:

                     • loss suffered ; given up
                     1. Duress

                        Annotations:

                        • a person's free will force or threat of force or bodily harm
                        1. Economic Duress

                           Annotations:

                           • threats to a person's business or income
                           1. Emanicipation

                              Annotations:

                              • parent child relationships
                              1. Express

                                 Annotations:

                                 • contract statement that may be written oral 
                                 1. Firm Offer

                                    Annotations:

                                    •  a written goods for a period of time stays open
                                    1. Forbearance

                                       Annotations:

                                       • not doing something that you have to the right to do 
2. Fraudulent Misrepresentation

   Annotations:

   • untrue statement fact to a party contract
   1. Genuine Agreement

      Annotations:

      • a valid offer made by offeror  a valid  acceptance
      1. Illusory Promises

         Annotations:

         • clause or word escape from legal obligation
         1. Implied

            Annotations:

            • contract that comes about from the actions of the parties 
            1. Insanity

               Annotations:

               • offeror is declared insane
               1. Legality

                  Annotations:

                  • illegal contracts
                  1. Mentally Incapacitated

                     Annotations:

                     • lack the abilities of his or he contractual acts
                     1. Mirror Image Rule

                        Annotations:

                        • terms acceptance must match the terms of the offer
                        1. Mutual Mistake Bilateral

                           Annotations:

                           • both parties are mistaken about a fact
                           1. Nominal Consideration

                              Annotations:

                              • token amount in a contract where the parties cannot state the amount
                              1. Offer

                                 Annotations:

                                 • intent to a legal binding agreement
                                 1. Offeree

                                    Annotations:

                                    • offer made to this person
                                    1. Offeror

                                       Annotations:

                                       • makes the offer
   2. Option

      Annotations:

      • offeree gives the offeror something in value for a promise keep offer open period of time
      1. Oral

         Annotations:

         • two or more people speaking
         1. Past Performance

            Annotations:

            • act already been performed cannot be considers as a contract
            1. Price Fixing

               Annotations:

               • competitors agree on a price range then sell their products
               1. Rejection

                  Annotations:

                  • refusal by the offeree
                  1. Restrictive covenant

                     Annotations:

                     • agreement not compete in a region for a period of time
                     1. Revocation

                        Annotations:

                        • taking back of an offer by offeror
                        1. Statute of Frauds

                           Annotations:

                           • requires certain contracts to be writing enforceable 
                           1. Unconscionable

                              Annotations:

                              • grossly unfair or oppressive shock the conscience of court
                              1. Undue Influence

                                 Annotations:

                                 • unfair and improper pressure of trust
                                 1. Unenforceable Contract

                                    Annotations:

                                    • contract court will not uphold 
                                    1. Unilateral

                                       Annotations:

                                       • a promise by only one person the other party performs it
                                       1. Unilateral Mistake

                                          Annotations:

                                          • error on the part of the parties
      2. Usury

         Annotations:

         • charging too high of an interest rate
         1. Valid contract

            Annotations:

            • all elements recognized by the courts
            1. Void Contract

               Annotations:

               • without legal effect
               1. Voidable Contract

                  Annotations:

                  • one or more parties can get out of a contract for legal reason
                  1. Written

                     Annotations:

                     • contract terms so both parties know the terms