Contract Law

Anotações:

•  I accept the contract that was presented 

1. Benefits

   Anotações:

   • Something that a party was not previously entitled to receive 
   1. Bilateral

      Anotações:

      • 2 promises 
      1. capacity

         Anotações:

         • power to enter into a contract 
         1. Consideration

            Anotações:

            • Exchanges of advantages and damages by the parties to an agreements 
            1. Counteroffer

               Anotações:

               • Change in the terms of an offer 
               1. Death

                  Anotações:

                  • No longer an offer 
                  1. Detriments

                     Anotações:

                     • Any damages; loss  Anything given up 
                     1. Duress

                        Anotações:

                        • Defeating a person's free will by harm or force 
                        1. Economic Duress

                           Anotações:

                           • Threats to a person's business or income 
                           1. Emancipation

                              Anotações:

                              • The ending of the parent-child relationship 
                              1. Express

                                 Anotações:

                                 • Written or spoken contract statement 
                                 1. Firm Offer

                                    Anotações:

                                    • written offer for things that state the period of time during which the offer will stay open 
                                    1. Forbearance

                                       Anotações:

                                       • You don't do something that you have the right to do 
                                       1. Fraudulent Misrepresentation

                                          Anotações:

                                          • Party to a contract intentionally makes a false statement of fact
                                          1. Genuine Agreement

                                             Anotações:

                                             • Valid offer made by the offeror and a valid acceptance has been exercised by the offeree 
                                             1. Illusory Promises

                                                Anotações:

                                                • Clause or wording that allows party to escape from legal obligation 
                                             2. Nominal Consideration

                                                Anotações:

                                                • Token amount in a written contract where either the parties cannot or do not wish to state the amount 
                                                1. Oral

                                                   Anotações:

                                                   • Created by two or more people speaking to each other 
                                                2. Unilateral

                                                   Anotações:

                                                   • A promise by one person to do something if and when the other party performs a certain act. 
                                                3. Void Contract

                                                   Anotações:

                                                   • No legal effect 
                                             3. Statute of Frauds

                                                Anotações:

                                                • Requires that certain contracts be in writing to have power 
                                          2. Legality

                                             Anotações:

                                             • illegal contracts
                                             1. Mentally Incapacitated

                                                Anotações:

                                                • Lacking the power to understand the consequences of his or her contractual actions 
                                             2. Past performance

                                                Anotações:

                                                • An act that has already been performed cannot be consideration in a contract 
                                                1. Valid Contract

                                                   Anotações:

                                                   • Has all elements recognized by the court 
                                 2. Mirror Image rule

                                    Anotações:

                                    • Everything must match the terms of the offer 
                                    1. Undue Influence

                                       Anotações:

                                       • Unfair and wrong pressure in a trusting relationship 
                           2. Unilateral Mistake

                              Anotações:

                              • A wrong on the behalf of one of the parties 
                        2. Restrictive covenant

                           Anotações:

                           • agreement not to complete in a region for a period of time 
                     2. Rejection

                        Anotações:

                        • Refusal by the offeree 
                     3. Unconscionable

                        Anotações:

                        • So horrible that it shocks the court 
                  2. Offer

                     Anotações:

                     • Proposal by one party to another with intent to create a legal binding agreement 
                     1. Offeree

                        Anotações:

                        • Person the offer is made to 
               2. Mutual mistake

                  Anotações:

                  • Both parties are mistaken about  an important fact 
                  1. Offeror

                     Anotações:

                     • Person that makes the offer 
                     1. Option

                        Anotações:

                        • the offeree gives the offeror something of value in return for a promise to keep the offer open for a set period of time 
                        1. Revocation

                           Anotações:

                           • Taking away an offer 
            2. Implied

               Anotações:

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

                  Anotações:

                  • Offeror is declared insane 
                  1. Price Fixing

                     Anotações:

                     • Competitors agree on a certain ranges within which they will sell their products 
                     1. Unenforceable contract

                        Anotações:

                        • Contract that won't be upheld in court; mostly because of a rule or law 
                  2. Written

                     Anotações:

                     • Contract is written so that both parties are aware of the exact terms 
         2. Usury

            Anotações:

            • Charging too high of an interest rate 
   2. Voidable Contract

      Anotações:

      • Parties are able to get off contract for some legal reason