Understanding Key Terms Concept of Contracts

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Understanding Key Terms Concept of Contracts
  1. Acceptance

    Anotações:

    • Offeree accept the contract 
    1. Leaglity

      Anotações:

      • Illegal contracts
      1. Offer

        Anotações:

        • proposal by one party to the other with ability to create a legal binding agreement
        1. Offeree

          Anotações:

          • an offer made by a person
        2. Benefits

          Anotações:

          • Something a party is not willing to recieve
          1. Bilateral

            Anotações:

            • Contains 2 promises
            1. Express

              Anotações:

              • a contract statement that may been written
              1. Nominal Consideration

                Anotações:

                • token amount in any written contract when either of the parties can't wish to state the amount
                1. Past Performance

                  Anotações:

                  • an act that is already been performed can't be considered in a contract
                  1. Unilateral Mistake

                    Anotações:

                    • error on the part of one party 
                    1. Unilateral

                      Anotações:

                      • contains a promise by only one person to do something
                      1. Valid Contract

                        Anotações:

                        • including all elements recognized by court
                    2. Revocation

                      Anotações:

                      • a person takes back the offer
                      1. Statue of Frauds

                        Anotações:

                        • requires a certain contract in writing 
                      2. Unconscionable

                        Anotações:

                        • grossly unfair or oppressive that it would shock the conscience
                        1. Undue Influence

                          Anotações:

                          • unfair and improper persuasive pressure within a relationship of trust 
                          1. Usury

                            Anotações:

                            • charging too high of an interest rate
                    3. Capacity

                      Anotações:

                      • Ability to enter into a new contract
                      1. Mentally Incapacitated

                        Anotações:

                        • Lacking ability to know the consequences of the persons contractual acts
                        1. Mirror Image Rule

                          Anotações:

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

                            Anotações:

                            • both parties are mistaken about the important fact
                            1. Offeror

                              Anotações:

                              • the person that makes the offer
                              1. Rejection

                                Anotações:

                                • refusal by offeree
                                1. Unenforceable contract

                                  Anotações:

                                  • a contract that court will not holdup or hold back
                          2. Economic Duress

                            Anotações:

                            • a threat to a person's business
                            1. Firm Offer

                              Anotações:

                              • written offer for goods that is stating the period of the time the offer is available 
                              1. Price Fixing

                                Anotações:

                                • competitors agree on a certain price ranging from which they will sell 
                                1. Restrictive Covenant

                                  Anotações:

                                  • agreement not completed in a region 
                            2. Fraudulent Misrepresentation

                              Anotações:

                              • when a party makes an untrue statement of fact 
                            3. Consideration

                              Anotações:

                              • exchange of benefits and detriments by the two parties
                              1. CounterOffer

                                Anotações:

                                • an exchange of another offer
                                1. Forbearance

                                  Anotações:

                                  • not doing something you have the legal right to do
                                2. Death

                                  Anotações:

                                  • when Offeror dies
                                  1. Voidable Contract

                                    Anotações:

                                    • one or more parties can get out of contract for some legal reasons
                                  2. Detriments

                                    Anotações:

                                    • any kind of loss suffered: or giving up something
                                    1. Duress

                                      Anotações:

                                      • Overcoming a person's free will by use of force/harm
                                      1. Emancipation

                                        Anotações:

                                        • serving the parent-child relationship
                                        1. Oral

                                          Anotações:

                                          • created by two or more people speaking to one another
                                          1. Written

                                            Anotações:

                                            • Contract terms are written so that both parties know the exact terms
                                          2. Insanity

                                            Anotações:

                                            • offeror is declared insane
                                          3. Genuine (Assent) Agreement

                                            Anotações:

                                            • valid offer that has been made by the offeror with also a valid acceptance being execrised by an offeree
                                            1. Illusory Promises

                                              Anotações:

                                              • clause or wording that lets a party to leave a legal obligation
                                            2. Implied

                                              Anotações:

                                              • a contract that comes from the actions of different parties
                                              1. Option

                                                Anotações:

                                                • when the offeree gives the offeror something of value in return for a promise to keep the offer open to a certain time
                                                1. Void Contract

                                                  Anotações:

                                                  • without legal effect 

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