Contract Law

allison faircloth
Mind Map by allison faircloth, updated more than 1 year ago
allison faircloth
Created by allison faircloth almost 5 years ago
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Contract Law
1 acceptance

Annotations:

  •  I accept the contract that was presented 
1.1 Benefits

Annotations:

  • Something that a party was not previously entitled to receive 
1.1.1 Bilateral

Annotations:

  • 2 promises 
1.1.1.1 capacity

Annotations:

  • power to enter into a contract 
1.1.1.1.1 Consideration

Annotations:

  • Exchanges of advantages and damages by the parties to an agreements 
1.1.1.1.1.1 Counteroffer

Annotations:

  • Change in the terms of an offer 
1.1.1.1.1.1.1 Death

Annotations:

  • No longer an offer 
1.1.1.1.1.1.1.1 Detriments

Annotations:

  • Any damages; loss  Anything given up 
1.1.1.1.1.1.1.1.1 Duress

Annotations:

  • Defeating a person's free will by harm or force 
1.1.1.1.1.1.1.1.1.1 Economic Duress

Annotations:

  • Threats to a person's business or income 
1.1.1.1.1.1.1.1.1.1.1 Emancipation

Annotations:

  • The ending of the parent-child relationship 
1.1.1.1.1.1.1.1.1.1.1.1 Express

Annotations:

  • Written or spoken contract statement 
1.1.1.1.1.1.1.1.1.1.1.1.1 Firm Offer

Annotations:

  • written offer for things that state the period of time during which the offer will stay open 
1.1.1.1.1.1.1.1.1.1.1.1.1.1 Forbearance

Annotations:

  • You don't do something that you have the right to do 
1.1.1.1.1.1.1.1.1.1.1.1.1.1.1 Fraudulent Misrepresentation

Annotations:

  • Party to a contract intentionally makes a false statement of fact
1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1 Genuine Agreement

Annotations:

  • Valid offer made by the offeror and a valid acceptance has been exercised by the offeree 
1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1 Illusory Promises

Annotations:

  • Clause or wording that allows party to escape from legal obligation 
1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.2 Nominal Consideration

Annotations:

  • Token amount in a written contract where either the parties cannot or do not wish to state the amount 
1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.2.1 Oral

Annotations:

  • Created by two or more people speaking to each other 
1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.2.2 Unilateral

Annotations:

  • A promise by one person to do something if and when the other party performs a certain act. 
1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.2.3 Void Contract

Annotations:

  • No legal effect 
1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.3 Statute of Frauds

Annotations:

  • Requires that certain contracts be in writing to have power 
1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.2 Legality

Annotations:

  • illegal contracts
1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.2.1 Mentally Incapacitated

Annotations:

  • Lacking the power to understand the consequences of his or her contractual actions 
1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.2.2 Past performance

Annotations:

  • An act that has already been performed cannot be consideration in a contract 
1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.2.2.1 Valid Contract

Annotations:

  • Has all elements recognized by the court 
1.1.1.1.1.1.1.1.1.1.1.1.2 Mirror Image rule

Annotations:

  • Everything must match the terms of the offer 
1.1.1.1.1.1.1.1.1.1.1.1.2.1 Undue Influence

Annotations:

  • Unfair and wrong pressure in a trusting relationship 
1.1.1.1.1.1.1.1.1.1.2 Unilateral Mistake

Annotations:

  • A wrong on the behalf of one of the parties 
1.1.1.1.1.1.1.1.1.2 Restrictive covenant

Annotations:

  • agreement not to complete in a region for a period of time 
1.1.1.1.1.1.1.1.2 Rejection

Annotations:

  • Refusal by the offeree 
1.1.1.1.1.1.1.1.3 Unconscionable

Annotations:

  • So horrible that it shocks the court 
1.1.1.1.1.1.1.2 Offer

Annotations:

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

Annotations:

  • Person the offer is made to 
1.1.1.1.1.1.2 Mutual mistake

Annotations:

  • Both parties are mistaken about  an important fact 
1.1.1.1.1.1.2.1 Offeror

Annotations:

  • Person that makes the offer 
1.1.1.1.1.1.2.1.1 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 
1.1.1.1.1.1.2.1.1.1 Revocation

Annotations:

  • Taking away an offer 
1.1.1.1.1.2 Implied

Annotations:

  • Contract that comes about from the actions of parties 
1.1.1.1.1.2.1 Insanity

Annotations:

  • Offeror is declared insane 
1.1.1.1.1.2.1.1 Price Fixing

Annotations:

  • Competitors agree on a certain ranges within which they will sell their products 
1.1.1.1.1.2.1.1.1 Unenforceable contract

Annotations:

  • Contract that won't be upheld in court; mostly because of a rule or law 
1.1.1.1.1.2.1.2 Written

Annotations:

  • Contract is written so that both parties are aware of the exact terms 
1.1.1.1.2 Usury

Annotations:

  • Charging too high of an interest rate 
1.1.2 Voidable Contract

Annotations:

  • Parties are able to get off contract for some legal reason 
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