Key terms of Contract Law

Key terms of Contract Law

1. Acceptance

   • unqualified willingness by the offree to go along with the offer
   • Benefits
     • a party was not prevously entilted to recieve 
     • bilateral
       • contains 2 promises 
       • capacity
         • legal ability to enter into a contract 
         • consideration
           • exchange of benefits and detriments by the parties to an agreements 
           • counteroffer
             • change in the terms of the offer 
             • death
               • offeror dies
               • detriments
                 • any loss suffered
                 • duress
                   • overcoming a persons free will by use of force 
     • economic duress
       • threats to somebodys income or business
       • Emanciption
         • severing of the parent-child relationship
         • express
           • contract statement that may be written or oral 
           • firm offer
             • written offer for goods that states the time a offer will be open 
             • forbearance
               • not doing something you have the right to do 
               • frudulent misrepresention
                 • party to a contract delilbertly makes an untrue statement of fact 
                 • genunine agreement
                   • valid offer has been made by the offeror and a valid acceptance has been exercised by the offeree