Elements And Characteristics

timothyg778
Mind Map by timothyg778, updated more than 1 year ago
timothyg778
Created by timothyg778 almost 5 years ago
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Elements And Characteristics
1 Acceptance

Annotations:

  • Accepting the offer.
2 Benefits

Annotations:

  • Something receive unexpected
3 Bilateral

Annotations:

  • Two Promises
4 Capacity

Annotations:

  • Enter into a contract 
5 Consideration

Annotations:

  • Benefits to an agreement
6 Counteroffer

Annotations:

  • changes made in an offer
7 Death

Annotations:

  • Dead!!!!!
8 Detriments

Annotations:

  • Any loss
9 Duress

Annotations:

  • Overcoming by force
10 Economic Duress
11 Emancipation

Annotations:

  • Parent child relationship
12 Express

Annotations:

  • Contract statement that may be written oral
13 Firm Offer

Annotations:

  • A written offer
14 Forbearance

Annotations:

  • DOING WRONG!!!!!!!!
15 Fraudulent Misrepresentation

Annotations:

  • party makes an untrue fact
16 Genuine Agreement (Assent)

Annotations:

  • A valid offer has been made by the offeror
17 Illusory Promises

Annotations:

  • Allow escape from legal obligation
18 Implied

Annotations:

  • Contracts that come from about the action
19 Insanity

Annotations:

  • Offeror is crazy
20 Legality

Annotations:

  • Illegal Contract
21 Mentally Incapcitated

Annotations:

  • Lacking the ability to understand
22 Mirror Image Rule

Annotations:

  • Match exactly
23 Mutual Mistake

Annotations:

  • Both parties make a mistake
24 Nominal Consideration

Annotations:

  • Parties cannot or do wish to state the amount
25 Offer

Annotations:

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

Annotations:

  • person who receives an offer
27 Offeror

Annotations:

  • person who makes the offer
28 Option

Annotations:

  • giving the offeror something in return that has value
29 Oral

Annotations:

  • Created by two or more people speaking to each other
30 Past Performation

Annotations:

  • Act that has already been performed cannot be consideration in a contract
31 Price Fixing

Annotations:

  • competitors agree on certain price ranges
32 Rejection

Annotations:

  • Refusal by the offeree
33 Restrictive Covenant

Annotations:

  • agreement not to compete in a region for a period of time 
34 Revocation

Annotations:

  • Taking back of an offer by offeror
35 Statute of Frauds

Annotations:

  • Requires certain contracts to be in writing to be enforceable
36 Unconscionable

Annotations:

  • Unfair or oppressive that it would shock the conscience of the court
37 Undue Influence

Annotations:

  • Unfair and improper persuasive pressure within a relationship of trust
38 Unenforceable Contract

Annotations:

  • Contract that court will no unhold
39 Unilateral

Annotations:

  • Contains a promise by only one person to do something
40 Unilateral Mistake

Annotations:

  • An error on the part of one of the parties
41 Usury

Annotations:

  • Charging to high of an interest rate
42 Valid Contract

Annotations:

  • Includes all elements recognized by the court
43 Void Contract

Annotations:

  • Without legal effect
44 Voidable Contract

Annotations:

  • One or more parties can get out of an contract for some legal reason
45 Written

Annotations:

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