3549376
Description
Mind Map by bjkjohnson, updated more than 1 year ago
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Created by bjkjohnson
over 8 years ago
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Key Terms
- acceptance
Annotations:
- offeree to go along with the offer
- benefits
Annotations:
- it is a party that was not previously entitles to receive
- bilateral
Annotations:
- contains two promises
- capacity
Annotations:
- legal ability to enter a contract
- consideration
Annotations:
- exchange of benefits by the parties to an agreements
- counteroffer
Annotations:
- any change in the terms of the offer
- death
Annotations:
- offeror dies
- detriments
Annotations:
- any loss suffered given up
- duress
Annotations:
- overcoming a persons free will by use of force or threat
- economic duress
Annotations:
- threats to a persons business or income
- emancipation
Annotations:
- parent and child relationship
- express
Annotations:
- contract that may be written or oral
- firm offer
Annotations:
- a written offer for goods during a period of time and it will stay open
- forbearance
Annotations:
- not doing something that you can do
- fraudulent misrepresentation
Annotations:
- party to a contract which makes an untrue fact
- genuine agreement
Annotations:
- a valid offer that has been made by the offeror
- illusory promises
Annotations:
- clause or wording that allows party to escape
- implied
Annotations:
- contract that comes from the action of parties
- insanity
Annotations:
- offeror is insane
- legality
Annotations:
- legal contracts
- mentally incapacitated
Annotations:
- lacking the ability to understand the consequences of the contact acts
- mirror image rule
Annotations:
- terms of the acceptance must match exactly
- mutual mistake
Annotations:
- both parties are mistaken about facts
- nominal consideration
Annotations:
- token amount in a written contract where either the parties cannot or do not wish
- offer
Annotations:
- legal binding agreement
- offeree
Annotations:
- offer made to this person
- offeror
Annotations:
- makes a offer
- option
Annotations:
- the offeree gives the offeror something of value in return for a promise
- oral
Annotations:
- created by two or more people
- past performance
Annotations:
- an act that has already been performed
- price fixing
Annotations:
- agree on certain price ranges
- rejection
Annotations:
- refusal by the offeree
- restrictive covenant
Annotations:
- agreement not to compete in a region for a period of time
- revocation
Annotations:
- take back of an offer
- statute of frauds
Annotations:
- contracts be written to be enforceable
- unconsicionable
Annotations:
- unfair that it would shock the court
- undue influence
Annotations:
- unfair and pressure within a relationship of trust
- unenforceable contract
Annotations:
- contact that a court will not uphold because of some rules of law
- unilateral
Annotations:
- contains a promise by only one person
- unilateral mistake
Annotations:
- an error on the part of one of the parties
- usury
Annotations:
- changing too high of an interest rate
- valid contract
Annotations:
- includes all elements recognized by courts
- void contact
Annotations:
- no legal effect
- voidable contract
Annotations:
- one or more party that can get out of a contract by legal reasons
- written
Annotations:
- contract items are written
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