3549409
Description
Mind Map by allison faircloth, updated more than 1 year ago
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Created by allison faircloth
over 8 years ago
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Contract Law
- acceptance
Annotations:
- I accept the contract that was presented
- Benefits
Annotations:
- Something that a party was not previously entitled to receive
- Bilateral
Annotations:
- 2 promises
- capacity
Annotations:
- power to enter into a contract
- Consideration
Annotations:
- Exchanges of advantages and damages by the parties to an agreements
- Counteroffer
Annotations:
- Change in the terms of an offer
- Death
Annotations:
- No longer an offer
- Detriments
Annotations:
- Any damages; loss Anything given up
- Duress
Annotations:
- Defeating a person's free will by harm or force
- Economic Duress
Annotations:
- Threats to a person's business or income
- Emancipation
Annotations:
- The ending of the parent-child relationship
- Express
Annotations:
- Written or spoken contract statement
- Firm Offer
Annotations:
- written offer for things that state the period of time during which the offer will stay open
- Forbearance
Annotations:
- You don't do something that you have the right to do
- Fraudulent Misrepresentation
Annotations:
- Party to a contract intentionally makes a false statement of fact
- Genuine Agreement
Annotations:
- Valid offer made by the offeror and a valid acceptance has been exercised by the offeree
- Illusory Promises
Annotations:
- Clause or wording that allows party to escape from legal obligation
- Nominal Consideration
Annotations:
- Token amount in a written contract where either the parties cannot or do not wish to state the amount
- Oral
Annotations:
- Created by two or more people speaking to each other
- Unilateral
Annotations:
- A promise by one person to do something if and when the other party performs a certain act.
- Void Contract
Annotations:
- No legal effect
- Statute of Frauds
Annotations:
- Requires that certain contracts be in writing to have power
- Legality
Annotations:
- illegal contracts
- Mentally Incapacitated
Annotations:
- Lacking the power to understand the consequences of his or her contractual actions
- Past performance
Annotations:
- An act that has already been performed cannot be consideration in a contract
- Valid Contract
Annotations:
- Has all elements recognized by the court
- Mirror Image rule
Annotations:
- Everything must match the terms of the offer
- Undue Influence
Annotations:
- Unfair and wrong pressure in a trusting relationship
- Unilateral Mistake
Annotations:
- A wrong on the behalf of one of the parties
- Restrictive covenant
Annotations:
- agreement not to complete in a region for a period of time
- Rejection
Annotations:
- Refusal by the offeree
- Unconscionable
Annotations:
- So horrible that it shocks the court
- Offer
Annotations:
- Proposal by one party to another with intent to create a legal binding agreement
- Offeree
Annotations:
- Person the offer is made to
- Mutual mistake
Annotations:
- Both parties are mistaken about an important fact
- Offeror
Annotations:
- Person that makes the offer
- 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
- Revocation
Annotations:
- Taking away an offer
- Implied
Annotations:
- Contract that comes about from the actions of parties
- Insanity
Annotations:
- Offeror is declared insane
- Price Fixing
Annotations:
- Competitors agree on a certain ranges within which they will sell their products
- Unenforceable contract
Annotations:
- Contract that won't be upheld in court; mostly because of a rule or law
- Written
Annotations:
- Contract is written so that both parties are aware of the exact terms
- Usury
Annotations:
- Charging too high of an interest rate
- Voidable Contract
Annotations:
- Parties are able to get off contract for some legal reason
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