Contract Laws

donielletotten
Mind Map by donielletotten, updated more than 1 year ago
donielletotten
Created by donielletotten almost 5 years ago
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9/23/2015
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Contract Laws
1 Acceptance

Annotations:

  • When the offeree accepts the offer
1.1 Bilateral

Annotations:

  • contains 2 parties
1.1.1 Mentally Incapacitated

Annotations:

  • Lacking the ability to understand the consequences of his or her contractual acts.
1.2 Consideration

Annotations:

  • Exchange of benefits and detriments by the parties to an agreement
1.2.1 Mirror Image Rule

Annotations:

  • Terms of the acceptance must match exactly (mirror) the term of the offer.
1.3 Legality

Annotations:

  • Illegal contracts
1.3.1 Valid contract

Annotations:

  • includes all elements recognized by the courts.
1.3.1.1 Voidable contract

Annotations:

  • One or more parties can get out of contract for some legal reason.
2 Benefits

Annotations:

  • Something not previously entitled to recieve
2.1 Capacity

Annotations:

  • Legal ability to enter into a contract.
2.1.1 Mutual Mistake

Annotations:

  • Both parties are mistaken about an important fact.
2.2 Counteroffer

Annotations:

  • Any change in the terms of the offer.
2.2.1 Nominal Consideration

Annotations:

  • Token amount in a written contract where either either the parties cannot or do not wish to state the amount.
2.3 Insanity

Annotations:

  • Offeror is declared insane
3 Death

Annotations:

  • Offeror Dies
3.1 Duress

Annotations:

  • Overcoming a person`s free will by use of force or by threat of force or bodily harm.
3.1.1 Economic Duress

Annotations:

  • Threats to a person`s business or income
3.1.2 Firm Offer

Annotations:

  • A written offer for goods that states the period of time during which the offer will stay open.
3.1.2.1 Offer

Annotations:

  • Proposal by one party to another with intent to create a legal binding agreement.
3.1.2.1.1 Offeree

Annotations:

  • Offer made to this person
3.1.2.1.1.1 Offeror

Annotations:

  • Makes the offer.
3.1.2.1.1.1.1 Option

Annotations:

  • the offeree gives the offeror something of value in return for a promise to keep the offer open for a set period of time.
3.1.2.1.1.1.1.1 Oral

Annotations:

  • Created by two or more people speaking to each other.
3.1.2.1.1.1.1.1.1 Past Performance

Annotations:

  • An act that has already been performed cannot be consideration in a contract.
3.1.2.1.1.1.1.1.1.1 Price Fixing

Annotations:

  • competitors agree on certain price ranges within which they will sell their products.
3.1.2.1.1.1.1.1.1.1.1 Rejection

Annotations:

  • Refusal by the offeree.
3.1.2.1.1.1.1.1.1.1.1.1 Restrictive covenant
3.1.2.1.1.1.1.1.1.1.1.1.1 Revocation

Annotations:

  • Taking back of an offer by offeror.
3.1.2.1.1.1.1.1.1.1.1.1.1.1 Statue of Frauds

Annotations:

  • Requires that certain contracts be in writing to be enforceable.
3.1.2.1.1.1.1.1.1.1.1.1.1.1.1 Unconscionable
3.1.2.1.2 Undue influence

Annotations:

  • Unfair and improper persuasive pressure within a relationship of trust.
3.2 Genuine Agreement (Assent)

Annotations:

  • A valid offer has been made by the offeror, and a valid acceptance has been exercised by the offense.
3.2.1 Unilateral

Annotations:

  • Contains a promise by only one person to do something if, and when, the other party performs a certain act.
3.2.1.1 Usury

Annotations:

  • charging too high of an interest rate.
3.2.1.1.1 Written

Annotations:

  • contract terms are written so that both parties know the exact terms.
3.3 illusory Promises

Annotations:

  • Clause or wording that allows party to escape from legal obligation.
4 Detriments

Annotations:

  • Any loss suffered; anything given up
4.1 Emancipation

Annotations:

  • Severing of the parent-child relationship
4.1.1 Express

Annotations:

  • Contract statement that may be written or oral
4.1.2 Forbearance

Annotations:

  • Not doing something that you have the right to do.
4.2 Fraudulent Misrepresntation

Annotations:

  • Party to a contract deliberately makes an untrue statement of fact.
4.2.1 Unenforceable contract
4.2.1.1 Unilateral Mistake

Annotations:

  • an error on the part of one of the parties.
4.2.1.1.1 Void contract

Annotations:

  • without legal effect
4.3 Implied

Annotations:

  • Contract that comes about from the actions of the parties.
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