Contract Law

Contract Law

1. Acceptance

   • Unqualified willingness by the offeree to go along with the offer

2. Benefits

   • Something you get as a bonus

3. Bilateral

   • Both people promise

4. Capacity

   • Legality to enter into a contract

5. Consideration

   • Exchange of term until an agreement is reached

6. Counteroffer

   • A change to the terms

7. Death

   • Offeror dies

8. Duress

   • Taking someones free will by force

9. Economic Duress

   • Threats to a business

10. Emancipation

    • Cutting parent child relations

11. Express

    • Contract Statement

12. Firm Offer

    • A written offer that ensures goods will be delivered

13. Forbearance

    • Doing something that you cant do

14. Fradulent Misrepresentation

    • Party lies intentionally

15. Genuine Agreement

    • Both parties have agreed

16. Illusory Promises

    • Words that act as loopholes

17. Implied

    • Contract made from actions

18. Insanity

    • Offeror is declared insane

19. Legality

    • Illegal Contract

20. Mentally Incapacited

    • Lacking the ability to understand the contract

21. Mirror Image Rule

    • Both terms must be exactly the same

22. Mutual Mistake

    • Both parties are wrong

23. Nominal Consideration

    • When the parties don't state an ammount

24. Offer

    • Proposal too create a legally binding deal

25. Offeree

    • Offer made

26. Offeror

    • Offer made

27. Option

    • Something of value in exchange for more time

28. Oral

    • Created from Speech

29. Past Performance

    • Acts that have already been performed cant be considered in a contract

30. Price Fixing

    • Competitors agree on how much theyre product cost

31. Rejection

    • Saying No to a contract

32. Restrictive Covenant

    • Agreement to not participate in a region

33. Revocation

    • Taking back an offeror

34. Statute of Frauds

    • Certain contracts be written

35. Unconcscionable

    • So unfair it would shock the court

36. Undue Influence

    • Contract the court will not uphold

37. Unilateral

    • Contract only one person agrees to

38. Unilateral Mistake

    • Mistake by one party

39. Usury

    • Charging to much interest

40. Valid contract

    • Includes all legal elements

41. Void Contract

    • Without Legal Effect

42. Voidable Contract

    • One or more parties cant leave the contract

43. Written

    • Contract is written

44. Termination

    • Ending a contract