Zusammenfassung der Ressource
Key terms toContracts
- Acceptance
Anmerkungen:
- Unqualified willingness by the offeree to go along w| the offer
- conderation
Anmerkungen:
- exchange of benefits and detriments by the parties to an agreement
- Emancipation
Anmerkungen:
- severing of the parent-child relationship
- implied
Anmerkungen:
- contract that comes about from the actions of the parties
- insanity
Anmerkungen:
- offeror or declared insane
- Restrictive covenant
Anmerkungen:
- agreement not to compete in a region for a period of time
- Benefits
Anmerkungen:
- something that the party was not previously entitled to recieve
- capacity
Anmerkungen:
- legal ability to enter a contract
- legality
Anmerkungen:
- Death
Anmerkungen:
- Economic Duress
Anmerkungen:
- threats to a person's business or income
- offer
Anmerkungen:
- mutual mistake
Anmerkungen:
- both parties are mistake an important fact
- Forbearance
Anmerkungen:
- not doing something that you have the right to do
- Genuin Agreement
Anmerkungen:
- a valid offer has been made by the offeror , and a valid acceptance has been exercised by the offeree
- Bilateral
Anmerkungen:
- counteroffer
Anmerkungen:
- any change in the terms of the offer
- Duress
Anmerkungen:
- Overcoming a person's free will by use of force or by threat of force or bodily harm
- offeree
Anmerkungen:
- offer made to this person
- detriments
Anmerkungen:
- Any loss suffered: anything given up
- nominal consideration
Anmerkungen:
- token amount in a written contract where either the parties cannot or do not wish to state amont
- offeror
Anmerkungen:
- Express
Anmerkungen:
- contract statement that may be written or oral
- Firm offer
Anmerkungen:
- Fraudulent Mirepresentation
Anmerkungen:
- party to a contract deliberately makes an untrue statement of fact
- option
Anmerkungen:
- the offeree gives the offeror choices
- oral
Anmerkungen:
- created by two or more people speaking to eachother
- illusory promises
Anmerkungen:
- clause or wording that allows party to escape from legal obligation
- price fixing
Anmerkungen:
- competitors agree on certain price ranges within which they will sell their product
- past performance
Anmerkungen:
- an act that has already been performed cannot be consideration in a contract
- Mentally Incapacitated
Anmerkungen:
- lacking the ability to understand the consequences of his or her contractual acts
- mirror image rule
Anmerkungen:
- terms of the acceptance must match exactly the terms of the offer
- rejection
Anmerkungen: