Characteristics of Contracts

Maddie.8
Mind Map by Maddie.8, updated more than 1 year ago
Maddie.8
Created by Maddie.8 almost 5 years ago
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Characteristics of Contracts
1 Acceptance

Annotations:

  • the offeree goes along with the
2 Benefits

Annotations:

  • an advantage or profit gained from something
3 Bilateral

Annotations:

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

Annotations:

  • capable of entering a contract
5 Consideration

Annotations:

  • everyone agrees
6 Counteroffer

Annotations:

  • any changes
6.1 Forbearance

Annotations:

  • doing something that you are not suppose to do
7 Death

Annotations:

  • dead someone dead
8 Detriments

Annotations:

  • anything given up
9 Duress

Annotations:

  • being put under fear by use of force
10 Economic Duress

Annotations:

  • threats to a persons income
11 Emancipation

Annotations:

  • serving a parent-child relationship
12 Express

Annotations:

  • contract statement that is written
13 Firm Offer

Annotations:

  • an offer that has when it will be descussed
14 Fraudulent Misrepresentation

Annotations:

  • party to a contract that makes an untrue statement
15 Genuine Agreement

Annotations:

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

Annotations:

  • clause that allows a party from legal obligation
17 Implied

Annotations:

  • contract comes from a party
18 Insanity

Annotations:

  • offeror in insane      lol
19 Legality

Annotations:

  • Illegal contracts
20 Mentally Incapacitated

Annotations:

  • doesn't know the consequnces
21 Mirror Image Rule

Annotations:

  • terms or acceptance match exactly to terms of offer
22 Mutual Mistake

Annotations:

  • mistaken by an important fact
23 Nominal Consideration

Annotations:

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

Annotations:

  • a legal agreement to a party
25 Offeree

Annotations:

  • offer made to this person
26 Offeror

Annotations:

  • person who makes the offer
27 option

Annotations:

  • trading something to keep a promise kept
28 Oral

Annotations:

  • created by two or more people speaking to each other
29 Past Performance

Annotations:

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

Annotations:

  • selling products
31 Rejection

Annotations:

  • refused by the offeree     lol
32 Restrictive Covenant

Annotations:

  • an agreement not to complete in a period of time
33 Revocation

Annotations:

  • taking back an offer
34 Statue of Frauds

Annotations:

  • contracts that are enforceable
35 Unconscionable

Annotations:

  • something bad thatll shock the court
36 Written

Annotations:

  • contact terms are written
37 Usury

Annotations:

  • charging to high
38 undue Influence

Annotations:

  • unfair pressure
39 Unilateral

Annotations:

  • a promise between two people
40 Unenforceable Contract

Annotations:

  • contract that court will not uphold
41 Unilateral Mistake

Annotations:

  • an error that one person did
42 Valid Contract

Annotations:

  • includes all elements
43 Void Contract

Annotations:

  • without legal effect
44 Voildable Contract

Annotations:

  • one or more parties can get out of the contract
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