Zusammenfassung der Ressource
Key Terms of Contract Law
- Acceptance
Anmerkungen:
- the offeree gives unqualified willingness to go with the offer
- Benefits
Anmerkungen:
- Something that a party will get that they couldn't get earlier
- Bilateral
Anmerkungen:
- Counteroffer
Anmerkungen:
- changing the terms in a offer
- Detriments
Anmerkungen:
- anything lost or given up
- Undue Influence
Anmerkungen:
- improper persuasive pressure within a trusting relationship
- Duress
Anmerkungen:
- threatening a person with force or actually harming them to overcome their free will
- Economic Duress
Anmerkungen:
- threatening to hurt a person's place of business or their income
- Oral
Anmerkungen:
- is created 2 or more people speaking to each other
- Mirror Image Rule
Anmerkungen:
- the terms of acceptance have to be exactly matching to the terms of the offer
- Statute of Frauds
Anmerkungen:
- a requirement that certain contracts to be in enforceable writing
- Usury
Anmerkungen:
- making u pay too much for an interest rate
- Written
Anmerkungen:
- written contract terms that both parties know the exact terms
- Genuine Agreement/Assent
Anmerkungen:
- the offeror makes a valid offer and the person receiving the offer makes a valid acceptance
- Unenforceable Contract
Anmerkungen:
- a contract that can't be used in court because of some rule of law
- Unconscionable
Anmerkungen:
- an act that is so terribly unfair that it shocks the conscience of the court
- Firm Offer
Anmerkungen:
- a written offer for products/goods that tells how much time the offer is still open
- Emancipation
Anmerkungen:
- cutting of the relationship between parent and child
- Forbearance
Anmerkungen:
- not doing something that u can do
- Death
Anmerkungen:
- a person in the agreement dies
- Fraudulent Misrepresentation
Anmerkungen:
- one party intentionally makes a untrue statement of fact
- Offer
Anmerkungen:
- a proposal from 1 party to another with intent to create a legal binding agreement
- Consideration
Anmerkungen:
- both parties agree to each others benefits
- Express
Anmerkungen:
- a written or verbal contract statement
- Mentally Incapacitated
Anmerkungen:
- not able to understand their own consequences in contractual acts
- Rejection
Anmerkungen:
- the offeree says no to the offer
- Unilateral Mistake
Anmerkungen:
- a mistake one party makes
- Revocation
Anmerkungen:
- the offeror takes back the offer
- Voidable Contract
Anmerkungen:
- a party or more can legally get out of a contract as long as it is a legal reason
- Offeree
Anmerkungen:
- the person the offer is made to
- Insanity
Anmerkungen:
- the person offering something is kookoo for Cocoa Puffs?Insane
- Mutual Mistake
Anmerkungen:
- both of the parties are in error of a important fact (they both make a mistake)
- Offeror
Anmerkungen:
- the person making the offer
- Option
Anmerkungen:
- the offeree gives a valuable in return for a promise to keep the offer open for a set period of time
- Past Performance
Anmerkungen:
- an already performed act that can't be considered in the contract
- Capacity
Anmerkungen:
- u are able to go into a contract legally
- Legality
Anmerkungen:
- contracts that are illegal
- Illusory Promises
Anmerkungen:
- words that allow a party to escape from legal obligation
- Void Contract
Anmerkungen:
- doesn't have legal effect
- Implied
Anmerkungen:
- a contract that comes about from the other party's actions
- Nominal Consideration
Anmerkungen:
- a token amount in a written contract neither parties can't and do not wish to tell how much the amount is.
- Unilateral
Anmerkungen:
- a promise by 1 person to do something after the other party does a certain act
- Restrictive Covenant
Anmerkungen:
- an agreement to not compete for a set time period in a region
- Valid Contract
Anmerkungen:
- it contains all the elements recognized by the court