Mindmap
Contract Law
Mind map: Contract law
Inhalt der Mindmap
Contract Law
Acceptance
- Unqualified willingness by the offeree to go along with the offer
- Capacity
- Legal ability to enter into a contract.
- Death
- Offeror dies
- Consideration
- Exchange of benefits and detriments by the parties to an agreement
Benefits
- Something the party wasn't originally entitled to get.
Bilateral
- Contains two promises
Counteroffer
- Any change in the offer
- Emancipation
- Destroying the parent-child relationship
- Offer
- Proposal by one party to another
- Offeree
- Recieves the offer
- Offeror
- Makes the offer
Detriments
- Anything given up
Duress
- Overcoming a person's free will by use of force or by threat of force or bodily harm
- Economic Duress
- Threatening a person's business or income
- Express
- Contract statement that may be written or oral
- Unconscionable
- Grossly unfair or oppressive that it would shock the court
- Undue Influence
- Unfair and improper persuasive pressure within a relationship of trust
Firm Offer
- States how long the offer will stay open
- Forbearance
- Not doing what you can do
- Fraudulent Misrepresentation
- Party to a contract purposely makes an untrue statement
- Illusory Promises
- Wording that allows you to escape from legal obligation
- Implied
- Contract that comes about from the actions of the parties
- Void Contract
- Without legal effect
- Insanity
- Offeror is declared insane
- Legality
- Illegal contracts
- Mentally Incapacitated
- Doesn't understand there contractual actions
- Unilateral Mistake
- An error on the part of one person
- Genuine Agreement
- Valid offer and valid acceptance
- Past Performance
- An act that has already been performed
- Price Fixing
- Agreeing on certain price ranges
- Rejection
- Refusal by the offeree
- Restrictive Covenant
- Agreement not to compete in a region for a period of time
- Revocation
- Taking back an offer
- Unsury
- Charging to high of an interest rate
- Valid Contract
- Includes all elements recognized by the courts
- Statute of Frauds
- Certain contracts have to be in writing to be enforceable
- Unenforceable contract
- A contract a court will not uphold
Mirror Image Rule
- Terms of acceptance must match exactly with the terms of the offer
Mutual Mistake
- Both parties are mistaken about an important fact
- Option
- Choices to choose from
- Oral
- Created by 2 or more people speaking to each other
- Unilateral
- Contains a promise by only one person
- Written
- Contract terms are written so that both parties know the exact terms
Nominal Consideration
- Token amount in a written contract where either the parties cannot or do not wish to state the amount
Voidable Contract
- 1 or more parties can get out of a contract for some legal reason