Contract Laws

Description

9/23/2015
donielletotten
Mind Map by donielletotten, updated more than 1 year ago
donielletotten
Created by donielletotten over 8 years ago
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Resource summary

Contract Laws
  1. Acceptance

    Annotations:

    • When the offeree accepts the offer
    1. Bilateral

      Annotations:

      • contains 2 parties
      1. Mentally Incapacitated

        Annotations:

        • Lacking the ability to understand the consequences of his or her contractual acts.
      2. Consideration

        Annotations:

        • Exchange of benefits and detriments by the parties to an agreement
        1. Mirror Image Rule

          Annotations:

          • Terms of the acceptance must match exactly (mirror) the term of the offer.
        2. Legality

          Annotations:

          • Illegal contracts
          1. Valid contract

            Annotations:

            • includes all elements recognized by the courts.
            1. Voidable contract

              Annotations:

              • One or more parties can get out of contract for some legal reason.
        3. Benefits

          Annotations:

          • Something not previously entitled to recieve
          1. Capacity

            Annotations:

            • Legal ability to enter into a contract.
            1. Mutual Mistake

              Annotations:

              • Both parties are mistaken about an important fact.
            2. Counteroffer

              Annotations:

              • Any change in the terms of the offer.
              1. Nominal Consideration

                Annotations:

                • Token amount in a written contract where either either the parties cannot or do not wish to state the amount.
              2. Insanity

                Annotations:

                • Offeror is declared insane
              3. Death

                Annotations:

                • Offeror Dies
                1. Duress

                  Annotations:

                  • Overcoming a person`s free will by use of force or by threat of force or bodily harm.
                  1. Economic Duress

                    Annotations:

                    • Threats to a person`s business or income
                    1. Firm Offer

                      Annotations:

                      • A written offer for goods that states the period of time during which the offer will stay open.
                      1. Offer

                        Annotations:

                        • Proposal by one party to another with intent to create a legal binding agreement.
                        1. Offeree

                          Annotations:

                          • Offer made to this person
                          1. Offeror

                            Annotations:

                            • Makes the offer.
                            1. Option

                              Annotations:

                              • the offeree gives the offeror something of value in return for a promise to keep the offer open for a set period of time.
                              1. Oral

                                Annotations:

                                • Created by two or more people speaking to each other.
                                1. Past Performance

                                  Annotations:

                                  • An act that has already been performed cannot be consideration in a contract.
                                  1. Price Fixing

                                    Annotations:

                                    • competitors agree on certain price ranges within which they will sell their products.
                                    1. Rejection

                                      Annotations:

                                      • Refusal by the offeree.
                                      1. Restrictive covenant
                                        1. Revocation

                                          Annotations:

                                          • Taking back of an offer by offeror.
                                          1. Statue of Frauds

                                            Annotations:

                                            • Requires that certain contracts be in writing to be enforceable.
                                            1. Unconscionable
                          2. Undue influence

                            Annotations:

                            • Unfair and improper persuasive pressure within a relationship of trust.
                      2. Genuine Agreement (Assent)

                        Annotations:

                        • A valid offer has been made by the offeror, and a valid acceptance has been exercised by the offense.
                        1. Unilateral

                          Annotations:

                          • Contains a promise by only one person to do something if, and when, the other party performs a certain act.
                          1. Usury

                            Annotations:

                            • charging too high of an interest rate.
                            1. Written

                              Annotations:

                              • contract terms are written so that both parties know the exact terms.
                        2. illusory Promises

                          Annotations:

                          • Clause or wording that allows party to escape from legal obligation.
                        3. Detriments

                          Annotations:

                          • Any loss suffered; anything given up
                          1. Emancipation

                            Annotations:

                            • Severing of the parent-child relationship
                            1. Express

                              Annotations:

                              • Contract statement that may be written or oral
                              1. Forbearance

                                Annotations:

                                • Not doing something that you have the right to do.
                              2. Fraudulent Misrepresntation

                                Annotations:

                                • Party to a contract deliberately makes an untrue statement of fact.
                                1. Unenforceable contract
                                  1. Unilateral Mistake

                                    Annotations:

                                    • an error on the part of one of the parties.
                                    1. Void contract

                                      Annotations:

                                      • without legal effect
                                2. Implied

                                  Annotations:

                                  • Contract that comes about from the actions of the parties.
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