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Key Terms of Contract Law

Description

Mind mad on contract key words
cwynn000
Mind Map by cwynn000, updated more than 1 year ago
cwynn000
Created by cwynn000 over 6 years ago
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Resource summary

Key Terms of Contract Law
  1. Acceptence

    Annotations:

    • Offeree saying they accept the offer
    1. Benefits

      Annotations:

      • Something that someone was not previously entitled to recieve
      1. Bilateral

        Annotations:

        • Contains two promises 
        1. Capacity

          Annotations:

          • Legal ability to enter into a contract
          1. Consideration
            1. Economic Duress

              Annotations:

              • Threats so a persons business or income
              1. Emancipation

                Annotations:

                • Serving of the parent-child relationship
          2. Detriments

            Annotations:

            • Any loss suffered ; anything given up
            1. Duress

              Annotations:

              • Stress
          3. Counteroffer

            Annotations:

            • Any change in terms of the offer
            1. Death

              Annotations:

              • Offeror dies
              1. Express

                Annotations:

                • Contract statement that may be written oral
          4. Firm offer

            Annotations:

            • Written offer for goods that lets you know how long the offer will stay open
            1. Forbearance

              Annotations:

              • Not doing something u have the right to do
              1. Fruadlent Misrepresentation

                Annotations:

                • Party to a contract deliberately makes an untrue statment
                1. Implied

                  Annotations:

                  • Contract that comes about from the actions of parties 
                  1. Mentally Incapacitated

                    Annotations:

                    • Lacking the ability to understand the consequences of his or her contractual acts
                    1. Mirror Image Rule

                      Annotations:

                      • Terms of the acceptance must match exactly(mirror) the terms of the offer
                      1. Offeree

                        Annotations:

                        • Offer made to this person
                2. Genuine Agreement( Assent

                  Annotations:

                  • Valid offer has been made by the offeror, and a valid acceptance has been exercised by the offeree
                  1. Illusionary Promises

                    Annotations:

                    • Clause or wording that allows a party to escape from legal obligation
                    1. Insanity

                      Annotations:

                      • Offeror is declared insane
                      1. Legality

                        Annotations:

                        • Illegal contracts 
                        1. Nominal Consideration

                          Annotations:

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

                            Annotations:

                            • proposal by one party to another with the intent to create a legal binding agreement
                        2. Mutual Mistake( Bilateral Mistake)

                          Annotations:

                          • Both parties are mistaken about an important fact
                      2. Offeror

                        Annotations:

                        • Makes the offer
                        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. Oral

                            Annotations:

                            • Created by two or more people speaking to each other
                            1. Past Performace

                              Annotations:

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

                                Annotations:

                                • Competitors agree on certain price ranges within which they will sell their products
                                1. Rejection

                                  Annotations:

                                  • When someone says no
                                2. Restrictive Content

                                  Annotations:

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

                                    Annotations:

                                    • Taking back an offer
                                    1. Unconscionable

                                      Annotations:

                                      • so grossly unfair or oppressive that it would shock the conscience of the court
                                      1. Unilateral

                                        Annotations:

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

                                          Annotations:

                                          • Charging too high of an interest rate
                                          1. Written
                                          2. Voidable Contract

                                            Annotations:

                                            • One or more parties can get out of a contract for some legal reason
                                          3. Void Contract

                                            Annotations:

                                            • Without legal effect
                                          4. Undue Influence

                                            Annotations:

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

                                              Annotations:

                                              • Contract that court will no uphold, usually becomes of some rule of law
                                              1. Unilateral Mistake

                                                Annotations:

                                                • An error on the part of one of the parties 
                                              2. Valid Contract

                                                Annotations:

                                                • Includes all elements recognized by the courts
                                            2. Statue of Fruads

                                              Annotations:

                                              • Requires that certain contracts be in writing to be enforced
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