Mind map
Contracts1
Map content
Contracts1
Acceptance
- unqualified unwilling by the offeree to with the offer
- Benefits
- Bilateral
- two promises
- Capacity
- legal ability to enter into a contract
- Consideration
- exchange of benefits and detriments by the parties to an agreement
- Counteroffer
- change in terms of the offer
- Death
- offeror dies
- Detriments
- loss suffered ; given up
- Duress
- a person's free will force or threat of force or bodily harm
- Economic Duress
- threats to a person's business or income
- Emanicipation
- parent child relationships
- Express
- contract statement that may be written oral
- Firm Offer
- a written goods for a period of time stays open
- Forbearance
- not doing something that you have to the right to do
- Bilateral
- Fraudulent Misrepresentation
- untrue statement fact to a party contract
- Genuine Agreement
- a valid offer made by offeror a valid acceptance
- Illusory Promises
- clause or word escape from legal obligation
- Implied
- contract that comes about from the actions of the parties
- Insanity
- offeror is declared insane
- Legality
- illegal contracts
- Mentally Incapacitated
- lack the abilities of his or he contractual acts
- Mirror Image Rule
- terms acceptance must match the terms of the offer
- Mutual Mistake Bilateral
- both parties are mistaken about a fact
- Nominal Consideration
- token amount in a contract where the parties cannot state the amount
- Offer
- intent to a legal binding agreement
- Offeree
- offer made to this person
- Offeror
- makes the offer
- Option
- offeree gives the offeror something in value for a promise keep offer open period of time
- Oral
- two or more people speaking
- Past Performance
- act already been performed cannot be considers as a contract
- Price Fixing
- competitors agree on a price range then sell their products
- Rejection
- refusal by the offeree
- Restrictive covenant
- agreement not compete in a region for a period of time
- Revocation
- taking back of an offer by offeror
- Statute of Frauds
- requires certain contracts to be writing enforceable
- Unconscionable
- grossly unfair or oppressive shock the conscience of court
- Undue Influence
- unfair and improper pressure of trust
- Unenforceable Contract
- contract court will not uphold
- Unilateral
- a promise by only one person the other party performs it
- Unilateral Mistake
- error on the part of the parties
- Usury
- charging too high of an interest rate
- Valid contract
- all elements recognized by the courts
- Void Contract
- without legal effect
- Voidable Contract
- one or more parties can get out of a contract for legal reason
- Written
- contract terms so both parties know the terms