Key Terms of Contract Law

Key Terms of Contract Law

1. Acceptence

   • Offeree saying they accept the offer
   • Benefits
     • Something that someone was not previously entitled to recieve
     • Bilateral
       • Contains two promises 
       • Capacity
         • Legal ability to enter into a contract
         • Consideration
           • Economic Duress
             • Threats so a persons business or income
           • Emancipation
             • Serving of the parent-child relationship
     • Detriments
       • Any loss suffered ; anything given up
       • Duress
         • Stress
   • Counteroffer
     • Any change in terms of the offer
     • Death
       • Offeror dies
       • Express
         • Contract statement that may be written oral

2. Firm offer

   • Written offer for goods that lets you know how long the offer will stay open
   • Forbearance
     • Not doing something u have the right to do
     • Fruadlent Misrepresentation
       • Party to a contract deliberately makes an untrue statment
       • Implied
         • Contract that comes about from the actions of parties 
         • Mentally Incapacitated
           • Lacking the ability to understand the consequences of his or her contractual acts
         • Mirror Image Rule
           • Terms of the acceptance must match exactly(mirror) the terms of the offer
           • Offeree
             • Offer made to this person
   • Genuine Agreement( Assent
     • Valid offer has been made by the offeror, and a valid acceptance has been exercised by the offeree
     • Illusionary Promises
       • Clause or wording that allows a party to escape from legal obligation
       • Insanity
         • Offeror is declared insane
         • Legality
           • Illegal contracts 
         • Nominal Consideration
           • Token amount in a written contract where either the parties cannot or do not wish to state the amount
         • Offer
           • proposal by one party to another with the intent to create a legal binding agreement
     • Mutual Mistake( Bilateral Mistake)
       • Both parties are mistaken about an important fact

3. Offeror

   • Makes the offer
   • Option
     • The offeree gives the offeror something of value in return for a promise to keep the offer open for a set period of time
   • Oral
     • Created by two or more people speaking to each other
   • Past Performace
     • An act that has already been performed cannot be consideration in a contract
   • Price Fixing
     • Competitors agree on certain price ranges within which they will sell their products
   • Rejection
     • When someone says no

4. Restrictive Content

   • agreement not to compete in a region for a period of time
   • Revocation
     • Taking back an offer
     • Unconscionable
       • so grossly unfair or oppressive that it would shock the conscience of the court
       • Unilateral
         • Contains a promise by only one person to do something if, and when, the other party performs a certain act
         • Usury
           • Charging too high of an interest rate
           • Written
         • Voidable Contract
           • One or more parties can get out of a contract for some legal reason
       • Void Contract
         • Without legal effect
     • Undue Influence
       • Unfair and improper persuasive pressure within a relationship of trust
       • Unenforceable Contract
         • Contract that court will no uphold, usually becomes of some rule of law
         • Unilateral Mistake
           • An error on the part of one of the parties 
       • Valid Contract
         • Includes all elements recognized by the courts
   • Statue of Fruads
     • Requires that certain contracts be in writing to be enforced