Zusammenfassung der Ressource
Contract Law Key Terms
- Acceptance
Anmerkungen:
- Willingness to go along with the offer
- Benefits
Anmerkungen:
- Something that a party was not previously entitled to get
- Bilateral
Anmerkungen:
- Capacity
Anmerkungen:
- Legal ability to enter into a contract
- Consideration
Anmerkungen:
- Exchange of benefits by the parties to an agreement
- Counteroffer
Anmerkungen:
- Death
Anmerkungen:
- Detriments
Anmerkungen:
- loss or anything thats given up
- Duress
Anmerkungen:
- overcoming a persons will by threat or harm
- Economic Duress
Anmerkungen:
- threat to a business or persons income
- Emancipation
Anmerkungen:
- getting rid of the parent child relationship
- Express
Anmerkungen:
- statement of a contract may be written or oral
- Firm offer
Anmerkungen:
- written offer that states the time that the offer will remain open
- Forbearance
Anmerkungen:
- Not doing things you have the right to do
- Fraudulent Misrepresentation
Anmerkungen:
- party to a contract that makes a untrue statement
- Genuine Agreement
Anmerkungen:
- Offer made by offeror and has been accepted
- Illusory Promises
Anmerkungen:
- Cause that allows party to get out of legal obligation
- Implied
Anmerkungen:
- Contract that comes from the actions of the party
- Insanity
Anmerkungen:
- Offeror is declared insane
- Legality
Anmerkungen:
- Mentally Incapacitated
Anmerkungen:
- lack of ability to understand consequences of contractual acts
- Mirror Image Rule
Anmerkungen:
- terms of the acceptance must match terms of the offer
- Mutual Mistake
Anmerkungen:
- both parties are mistaken
- Nominal Consideration
Anmerkungen:
- amount written in a contract where parties don't want to state the amount
- Offer
Anmerkungen:
- something offered by one person to another with intentions to create a legal binding
- Offeree
Anmerkungen:
- Offeror
Anmerkungen:
- person who made the offer
- Option
Anmerkungen:
- offeree giver offeror something of value to keep the offer open longer
- Oral
Anmerkungen:
- made by two or more people speaking to each other
- Past Performance
Anmerkungen:
- act that has already been performed cannot be considered into contract
- Price Fixing
Anmerkungen:
- competitors agree on price ranges that they sell their product
- Rejection
Anmerkungen:
- Restrictive Covenant
Anmerkungen:
- agreement where you agree not to compete somewhere in a period of time
- Revocation
Anmerkungen:
- Statue of Frauds
Anmerkungen:
- certain contracts be in writing
- Unconscionable
Anmerkungen:
- so unfair that it would shock the court
- Unenforceable Contract
Anmerkungen:
- Undue Influence
Anmerkungen:
- persuassive pressure that isnt fail in a relationship of trust
- Unilateral
Anmerkungen:
- promise where if one person does something the other person will do something
- Unilateral Mistake
Anmerkungen:
- Usury
Anmerkungen:
- too high interest rate charged
- Valid Contract
Anmerkungen:
- all emements reconized by courts
- Void Contract
Anmerkungen:
- Voidable Contract
Anmerkungen:
- parties can get out of contract
- Written
Anmerkungen:
- terms are written so both parties know