Characteristics of Contracts

Characteristics of Contracts

1. Acceptance

   • the offeree goes along with the

2. Benefits

   • an advantage or profit gained from something

3. Bilateral

   • two people are involved and they agree (two promises)

4. Capacity

   • capable of entering a contract

5. Consideration

   • everyone agrees

6. Counteroffer

   • any changes
   • Forbearance
     • doing something that you are not suppose to do

7. Death

   • dead someone dead

8. Detriments

   • anything given up

9. Duress

   • being put under fear by use of force

10. Economic Duress

    • threats to a persons income

11. Emancipation

    • serving a parent-child relationship

12. Express

    • contract statement that is written

13. Firm Offer

    • an offer that has when it will be descussed

14. Fraudulent Misrepresentation

    • party to a contract that makes an untrue statement

15. Genuine Agreement

    • a valid offeror and acceptance has been exercised by the offeree

16. Illusory Promises

    • clause that allows a party from legal obligation

17. Implied

    • contract comes from a party

18. Insanity

    • offeror in insane      lol

19. Legality

    • Illegal contracts

20. Mentally Incapacitated

    • doesn't know the consequnces

21. Mirror Image Rule

    • terms or acceptance match exactly to terms of offer

22. Mutual Mistake

    • mistaken by an important fact

23. Nominal Consideration

    • a contract where no one wants to put an amount on it 

24. Offer

    • a legal agreement to a party

25. Offeree

    • offer made to this person

26. Offeror

    • person who makes the offer

27. option

    • trading something to keep a promise kept

28. Oral

    • created by two or more people speaking to each other

29. Past Performance

    • a performance thats already been performed and is not a consideration to the contract

30. Price Fixing

    • selling products

31. Rejection

    • refused by the offeree     lol

32. Restrictive Covenant

    • an agreement not to complete in a period of time

33. Revocation

    • taking back an offer

34. Statue of Frauds

    • contracts that are enforceable

35. Unconscionable

    • something bad thatll shock the court

36. Written

    • contact terms are written

37. Usury

    • charging to high

38. undue Influence

    • unfair pressure

39. Unilateral

    • a promise between two people

40. Unenforceable Contract

    • contract that court will not uphold

41. Unilateral Mistake

    • an error that one person did

42. Valid Contract

    • includes all elements

43. Void Contract

    • without legal effect

44. Voildable Contract

    • one or more parties can get out of the contract