Understanding Key Terms Concept of Contracts

jamaralea16
Mind Map by jamaralea16, updated more than 1 year ago
jamaralea16
Created by jamaralea16 over 5 years ago
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Understanding Key Terms Concept of Contracts
1 Acceptance

Annotations:

  • Offeree accept the contract 
1.1 Leaglity

Annotations:

  • Illegal contracts
1.2 Offer

Annotations:

  • proposal by one party to the other with ability to create a legal binding agreement
1.3 Offeree

Annotations:

  • an offer made by a person
2 Benefits

Annotations:

  • Something a party is not willing to recieve
2.1 Bilateral

Annotations:

  • Contains 2 promises
2.1.1 Express

Annotations:

  • a contract statement that may been written
2.1.1.1 Nominal Consideration

Annotations:

  • token amount in any written contract when either of the parties can't wish to state the amount
2.1.1.1.1 Past Performance

Annotations:

  • an act that is already been performed can't be considered in a contract
2.1.1.1.1.1 Unilateral Mistake

Annotations:

  • error on the part of one party 
2.1.1.1.1.1.1 Unilateral

Annotations:

  • contains a promise by only one person to do something
2.1.1.1.1.1.2 Valid Contract

Annotations:

  • including all elements recognized by court
2.1.1.1.2 Revocation

Annotations:

  • a person takes back the offer
2.1.1.1.2.1 Statue of Frauds

Annotations:

  • requires a certain contract in writing 
2.1.1.1.3 Unconscionable

Annotations:

  • grossly unfair or oppressive that it would shock the conscience
2.1.1.1.4 Undue Influence

Annotations:

  • unfair and improper persuasive pressure within a relationship of trust 
2.1.1.1.4.1 Usury

Annotations:

  • charging too high of an interest rate
2.2 Capacity

Annotations:

  • Ability to enter into a new contract
2.2.1 Mentally Incapacitated

Annotations:

  • Lacking ability to know the consequences of the persons contractual acts
2.2.2 Mirror Image Rule

Annotations:

  • terms of acceptance must match exactly the terms of offer
2.2.3 Mutual Mistake (Bilateral Mistake)

Annotations:

  • both parties are mistaken about the important fact
2.2.3.1 Offeror

Annotations:

  • the person that makes the offer
2.2.3.1.1 Rejection

Annotations:

  • refusal by offeree
2.2.3.1.1.1 Unenforceable contract

Annotations:

  • a contract that court will not holdup or hold back
2.3 Economic Duress

Annotations:

  • a threat to a person's business
2.3.1 Firm Offer

Annotations:

  • written offer for goods that is stating the period of the time the offer is available 
2.3.1.1 Price Fixing

Annotations:

  • competitors agree on a certain price ranging from which they will sell 
2.3.1.1.1 Restrictive Covenant

Annotations:

  • agreement not completed in a region 
2.4 Fraudulent Misrepresentation

Annotations:

  • when a party makes an untrue statement of fact 
3 Consideration

Annotations:

  • exchange of benefits and detriments by the two parties
3.1 CounterOffer

Annotations:

  • an exchange of another offer
3.1.1 Forbearance

Annotations:

  • not doing something you have the legal right to do
3.2 Death

Annotations:

  • when Offeror dies
3.2.1 Voidable Contract

Annotations:

  • one or more parties can get out of contract for some legal reasons
3.3 Detriments

Annotations:

  • any kind of loss suffered: or giving up something
3.4 Duress

Annotations:

  • Overcoming a person's free will by use of force/harm
3.5 Emancipation

Annotations:

  • serving the parent-child relationship
3.5.1 Oral

Annotations:

  • created by two or more people speaking to one another
3.5.2 Written

Annotations:

  • Contract terms are written so that both parties know the exact terms
3.6 Insanity

Annotations:

  • offeror is declared insane
4 Genuine (Assent) Agreement

Annotations:

  • valid offer that has been made by the offeror with also a valid acceptance being execrised by an offeree
4.1 Illusory Promises

Annotations:

  • clause or wording that lets a party to leave a legal obligation
5 Implied

Annotations:

  • a contract that comes from the actions of different parties
6 Option

Annotations:

  • when the offeree gives the offeror something of value in return for a promise to keep the offer open to a certain time
6.1 Void Contract

Annotations:

  • without legal effect 
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