Zusammenfassung der Ressource
Contract Law Key Terms
- Acceptance
Anmerkungen:
- Willingness by the offeree to go along with the offer
- Benefits
Anmerkungen:
- Bilateral
Anmerkungen:
- Capacity
Anmerkungen:
- Legal ability to enter into a contract
- Consideration
Anmerkungen:
- Exchange of benefits and detriments
- Counteroffer
Anmerkungen:
- Death
Anmerkungen:
- Detriments
Anmerkungen:
- Duress
Anmerkungen:
- Overcoming a person free will by force
- Economic Duress
Anmerkungen:
- Threats to a person's business or income
- Emancipation
Anmerkungen:
- Severing of the parent- child relatioship
- Express
Anmerkungen:
- Firm offer
Anmerkungen:
- Written offer for goods. States how long offer stay open
- Forberance
Anmerkungen:
- Don't have the right to do something
- Fraudulent Misrepresentation
Anmerkungen:
- Genuine Agreement
Anmerkungen:
- Illusory Promises
Anmerkungen:
- Wording that allow party to escape legal obligation
- Implied
Anmerkungen:
- Contract comes from action of party
- Insanity
Anmerkungen:
- Legality
Anmerkungen:
- Mentally Incapacitates
Anmerkungen:
- Lacking ability to understand consequences
- Mirror image Ruke
Anmerkungen:
- Terms acceptance match terms of offer
- Mutual mistake
Anmerkungen:
- Both parties mistaken about important fact
- Nominal Consideration
Anmerkungen:
- Token amount in a contract where parties do not want to state the amount or cannot state it
- Offer
Anmerkungen:
- Proposal with intent to create a legal binding agreement
- Offeree
Anmerkungen:
- Offer made to this person
- Offeror
Anmerkungen:
- Option
Anmerkungen:
- Offeree gives offeror something in value in return for a promise to keep offer open
- Oral
Anmerkungen:
- Past performance
Anmerkungen:
- Act already been performed. Not in consideration
- Price fixing
Anmerkungen:
- Competitors agree on certain price
- Rejection
Anmerkungen:
- Restrictive covenant
Anmerkungen:
- Agreement can't be in region for a period of time
- Revocation
Anmerkungen:
- Taking back on an offer by offeror
- Statue of Frauds
Anmerkungen:
- Requires that certain contracts be in writing to be enforceable
- Unconacionable
Anmerkungen:
- SO grossly unfair or oppressive
- Undue Influence
Anmerkungen:
- Unfair and improper persuasive pressure within a relationship of trust
- Unenforceable contract
Anmerkungen:
- Contract that court will not uphold
- Unilateral
Anmerkungen:
- Contains a promise by only one person
- Unilateral Mistake
Anmerkungen:
- Error on the part of one of the parties
- Usury
Anmerkungen:
- Charging too high of an interest rate
- Valid contract
Anmerkungen:
- Includes all elements recognized by the courts
- Void Contract
Anmerkungen:
- Voidable contact
Anmerkungen:
- One or more parties can get out of contract for some legal reason
- Written
Anmerkungen:
- Contract terms are written so that both parties know the exact terms