Key Terms

bjkjohnson
Mind Map by bjkjohnson, updated more than 1 year ago
bjkjohnson
Created by bjkjohnson over 6 years ago
14
1

Description

mind map

Resource summary

Key Terms
  1. acceptance

    Annotations:

    •  offeree to go along with the offer
    1. benefits

      Annotations:

      • it is a party that was not previously entitles to receive
      1. bilateral

        Annotations:

        • contains two promises
        1. capacity

          Annotations:

          • legal ability to enter a contract
          1. consideration

            Annotations:

            • exchange of benefits by the parties to an agreements
            1. counteroffer

              Annotations:

              • any change in the terms of the offer
              1. death

                Annotations:

                • offeror dies
                1. detriments

                  Annotations:

                  • any loss suffered given up
                  1. duress

                    Annotations:

                    • overcoming a persons free will by use of force or threat
                    1. economic duress

                      Annotations:

                      • threats to a persons business or income
                      1. emancipation

                        Annotations:

                        • parent and child relationship
                        1. express

                          Annotations:

                          • contract that may be written or oral
                          1. firm offer

                            Annotations:

                            • a written offer for goods during a period of time and it will stay open
                            1. forbearance

                              Annotations:

                              • not doing something that you can do
                              1. fraudulent misrepresentation

                                Annotations:

                                • party to a contract which makes an untrue fact
                                1. genuine agreement

                                  Annotations:

                                  • a valid offer that has been made by the offeror
                                  1. illusory promises

                                    Annotations:

                                    • clause or wording that allows party to escape
                                    1. implied

                                      Annotations:

                                      • contract that comes from the action of parties
                                      1. insanity

                                        Annotations:

                                        • offeror is insane
                                        1. legality

                                          Annotations:

                                          • legal contracts
                                          1. mentally incapacitated

                                            Annotations:

                                            • lacking the ability to understand the consequences of the contact acts
                                            1. mirror image rule

                                              Annotations:

                                              • terms of the acceptance must match exactly
                                              1. mutual mistake

                                                Annotations:

                                                • both parties are mistaken about facts
                                                1. nominal consideration

                                                  Annotations:

                                                  • token amount in a written contract where either the parties cannot or do not wish
                                                  1. offer

                                                    Annotations:

                                                    • legal binding agreement
                                                    1. offeree

                                                      Annotations:

                                                      • offer made to this person
                                                      1. offeror

                                                        Annotations:

                                                        • makes a offer
                                                        1. option

                                                          Annotations:

                                                          • the offeree gives the offeror something of value in return for a promise
                                                          1. oral

                                                            Annotations:

                                                            • created by two or more people
                                                            1. past performance

                                                              Annotations:

                                                              • an act that has already been performed
                                                              1. price fixing

                                                                Annotations:

                                                                • agree on certain price ranges
                                                                1. rejection

                                                                  Annotations:

                                                                  • refusal by the offeree
                                                                  1. restrictive covenant

                                                                    Annotations:

                                                                    • agreement not to compete in a region for a period of time
                                                                    1. revocation

                                                                      Annotations:

                                                                      • take back of an offer
                                                                      1. statute of frauds

                                                                        Annotations:

                                                                        • contracts be written to be enforceable
                                                                        1. unconsicionable

                                                                          Annotations:

                                                                          • unfair that it would shock the court
                                                                          1. undue influence

                                                                            Annotations:

                                                                            • unfair and pressure within a relationship of trust
                                                                            1. unenforceable contract

                                                                              Annotations:

                                                                              • contact that a court will not uphold because of some rules of law
                                                                              1. unilateral

                                                                                Annotations:

                                                                                • contains a promise by only one person
                                                                                1. unilateral mistake

                                                                                  Annotations:

                                                                                  • an error on the part of one of the parties
                                                                                  1. usury

                                                                                    Annotations:

                                                                                    • changing too high of an interest rate
                                                                                    1. valid contract

                                                                                      Annotations:

                                                                                      • includes all elements recognized by courts
                                                                                      1. void contact

                                                                                        Annotations:

                                                                                        • no legal effect
                                                                                        1. voidable contract

                                                                                          Annotations:

                                                                                          • one or more party that can get out of a contract by legal reasons
                                                                                          1. written

                                                                                            Annotations:

                                                                                            • contract items are written
                                                                                            Show full summary Hide full summary

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