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Understanding Key Terms Concept of Contracts
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Understanding Key Terms Concept of Contracts
Acceptance
- Offeree accept the contract
- Leaglity
- Illegal contracts
- Offer
- proposal by one party to the other with ability to create a legal binding agreement
- Offeree
- an offer made by a person
Benefits
- Something a party is not willing to recieve
- Bilateral
- Contains 2 promises
- Express
- a contract statement that may been written
- Nominal Consideration
- token amount in any written contract when either of the parties can't wish to state the amount
- Past Performance
- an act that is already been performed can't be considered in a contract
- Unilateral Mistake
- error on the part of one party
- Unilateral
- contains a promise by only one person to do something
- Valid Contract
- including all elements recognized by court
- Revocation
- a person takes back the offer
- Statue of Frauds
- requires a certain contract in writing
- Unconscionable
- grossly unfair or oppressive that it would shock the conscience
- Undue Influence
- unfair and improper persuasive pressure within a relationship of trust
- Usury
- charging too high of an interest rate
- Capacity
- Ability to enter into a new contract
- Mentally Incapacitated
- Lacking ability to know the consequences of the persons contractual acts
- Mirror Image Rule
- terms of acceptance must match exactly the terms of offer
- Mutual Mistake (Bilateral Mistake)
- both parties are mistaken about the important fact
- Offeror
- the person that makes the offer
- Rejection
- refusal by offeree
- Unenforceable contract
- a contract that court will not holdup or hold back
- Economic Duress
- a threat to a person's business
- Firm Offer
- written offer for goods that is stating the period of the time the offer is available
- Price Fixing
- competitors agree on a certain price ranging from which they will sell
- Restrictive Covenant
- agreement not completed in a region
- Fraudulent Misrepresentation
- when a party makes an untrue statement of fact
Consideration
- exchange of benefits and detriments by the two parties
- CounterOffer
- an exchange of another offer
- Forbearance
- not doing something you have the legal right to do
- Death
- when Offeror dies
- Voidable Contract
- one or more parties can get out of contract for some legal reasons
- Detriments
- any kind of loss suffered: or giving up something
- Duress
- Overcoming a person's free will by use of force/harm
- Emancipation
- serving the parent-child relationship
- Oral
- created by two or more people speaking to one another
- Written
- Contract terms are written so that both parties know the exact terms
- Insanity
- offeror is declared insane
Genuine (Assent) Agreement
- valid offer that has been made by the offeror with also a valid acceptance being execrised by an offeree
- Illusory Promises
- clause or wording that lets a party to leave a legal obligation
Implied
- a contract that comes from the actions of different parties
Option
- when the offeree gives the offeror something of value in return for a promise to keep the offer open to a certain time
- Void Contract
- without legal effect