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Contract Law

Description

The elements of Contract Law
Chris Scearce
Mind Map by Chris Scearce, updated more than 1 year ago
Chris Scearce
Created by Chris Scearce over 6 years ago
29
1

Resource summary

Contract Law
  1. Acceptence

    Annotations:

    • agreement to the offer
    1. Benefits

      Annotations:

      • something that someone gains with a positive effect
      1. Bilateral

        Annotations:

        • two sides
        1. Capacity

          Annotations:

          • Enter a contract legally
          1. Consideration

            Annotations:

            • Exchanging benefits for a agreement
            1. Counteroffer

              Annotations:

              • to answer an offer with another offer
              1. Death

                Annotations:

                • Offeror dies
                1. Detriments

                  Annotations:

                  • anything given up
                  1. Duress

                    Annotations:

                    • Overcoming a persons free will with threats
                    1. Economic Duress

                      Annotations:

                      • Threats to a persons business or income
                      1. Emancipation

                        Annotations:

                        • severing a parent-child relationship
                        1. Express

                          Annotations:

                          • Contract statement
                          1. Firm Offer

                            Annotations:

                            • a written offer for goods with a timer
                            1. Forbearance

                              Annotations:

                              • Not doing something that you have the right to do
                              1. Fraudulent Misrepresentation

                                Annotations:

                                • Party deliberately makes a untrue statement
                                1. Genuine Agreement

                                  Annotations:

                                  • Valid offer a valid acceptence
                                  1. Illusory Promises

                                    Annotations:

                                    • clause that allows a party to escape from legal obligation
                                    1. Implied

                                      Annotations:

                                      • Contract that comes from the actions of a party
                                      1. Insanity

                                        Annotations:

                                        • Offeror is declared insane 
                                        1. Legality

                                          Annotations:

                                          • Illegal Contracts
                                          1. Mentally Incapacitated

                                            Annotations:

                                            • Lacking ability to understand the consequences of his actions
                                            1. Mirror Image Rule

                                              Annotations:

                                              • Terms of acceptance must exactly match the terms of the offer
                                              1. Bilateral Mistake

                                                Annotations:

                                                • Both sides messed up
                                                1. Nominal Consideration

                                                  Annotations:

                                                  • a hidden token amount in the contract
                                                  1. Offer

                                                    Annotations:

                                                    • A proposal from one party to another
                                                    1. Offeree

                                                      Annotations:

                                                      • Person receiving an offer
                                                      1. Offeror

                                                        Annotations:

                                                        • Made the offer
                                                        1. Oral

                                                          Annotations:

                                                          • created by more than one person speaking to each other
                                                          1. Option

                                                            Annotations:

                                                            • gives something to put the offer on hold 
                                                            1. Past Performance

                                                              Annotations:

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

                                                                Annotations:

                                                                • Competitors agree on price ranges
                                                                1. Restrictive Covenant

                                                                  Annotations:

                                                                  • Agreement not to compete in a region  for a limited time
                                                                  1. Rejection

                                                                    Annotations:

                                                                    • Offer is declined
                                                                    1. Revocation

                                                                      Annotations:

                                                                      • Taking back an offer
                                                                      1. Statute of Fruads

                                                                        Annotations:

                                                                        • Requires that certain contracts be in writing
                                                                        1. Unconscionable

                                                                          Annotations:

                                                                          • So grossly unfair that it would shock the court conscience
                                                                          1. Unenforceable contract

                                                                            Annotations:

                                                                            • contract the court will not uphold
                                                                            1. Undue Influence

                                                                              Annotations:

                                                                              • Unfair persuasive pressure within a relationship of trust
                                                                              1. Unilateral

                                                                                Annotations:

                                                                                • promise by one person when  the other performs a act
                                                                                1. Usury

                                                                                  Annotations:

                                                                                  • interest rate is too high
                                                                                  1. Unilateral Mistake

                                                                                    Annotations:

                                                                                    • one persons error
                                                                                    1. Valid Contract

                                                                                      Annotations:

                                                                                      • recognized by the court
                                                                                      1. Void Contract

                                                                                        Annotations:

                                                                                        • without legal effect
                                                                                        1. Voidable contract

                                                                                          Annotations:

                                                                                          • one party can get out of contract for legal reason
                                                                                          1. Written

                                                                                            Annotations:

                                                                                            • contract terms are written so both parties know the exact terms
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