Contract Law

terri.johnson255
Mind Map by terri.johnson255, updated more than 1 year ago
terri.johnson255
Created by terri.johnson255 over 6 years ago
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Description

Understanding Contract Law

Resource summary

Contract Law
  1. Acceptance

    Annotations:

    • when the offeree goes along with the offer
    1. benefits

      Annotations:

      • something that someone wasn't entitled to recieve
      1. bilateral

        Annotations:

        • two promises
        1. capacity

          Annotations:

          • entering into a contract legally
          1. consideration

            Annotations:

            • when two parties exchange benefits
            1. counteroffer

              Annotations:

              •   a change in the terms of the offer
              1. death

                Annotations:

                • offeror dies
                1. detriments

                  Annotations:

                  • a loss suffered or something given up
                  1. duress

                    Annotations:

                    • overcoming a person's free will using force or bodily harm
                    1. economic duress

                      Annotations:

                      • threat to a person's business or income
                      1. emancipation

                        Annotations:

                        • severing of the parent-child relationship
                        1. express

                          Annotations:

                          • contract statement written or oral
                          1. firm offer

                            Annotations:

                            • a written offer for goods states the period of time when the offer will stay open
                            1. forbearance

                              Annotations:

                              • not doing something you have the right to do
                              1. fraudulent misrep

                                Annotations:

                                • when a party to a contract purposely makes an untrue statement of fact
                                1. genuine agreement

                                  Annotations:

                                  • a valid offer made of offeror a vaild acceptance made by offeree
                                  1. illusory promises

                                    Annotations:

                                    • clause for wording that allows party to escape from legal obligation
                                    1. implied

                                      Annotations:

                                      • contract that comes about from the action of parties
                                      1. insanity

                                        Annotations:

                                        • offer is declared insane
                                        1. legality
                                          1. mentally incapacitated

                                            Annotations:

                                            • lacking 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. mutual mistake

                                                Annotations:

                                                • both parties are mistaken about an important fact
                                                1. nominal consideration

                                                  Annotations:

                                                  • token amount in a written contract where either of the parties cannot or do not wish to state the amount
                                                  1. offer

                                                    Annotations:

                                                    • proposal by one party with intent to create a binding legal agreement
                                                    1. offeree

                                                      Annotations:

                                                      • the one being made the offer
                                                      1. offeror

                                                        Annotations:

                                                        • the one making the offer
                                                        1. option

                                                          Annotations:

                                                          • when 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 performance

                                                              Annotations:

                                                              • an act that has already happened cannot be considered in an contract
                                                              1. price fixing

                                                                Annotations:

                                                                • competitors agree on certain price ranges within which they sell their products 
                                                                1. rejection

                                                                  Annotations:

                                                                  • refusal by the offeree
                                                                  1. restrictive covenant

                                                                    Annotations:

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

                                                                      Annotations:

                                                                      • taking back of an offer by offeror
                                                                      1. statute of frauds

                                                                        Annotations:

                                                                        • requires that certain contracts be in writing to be enforceable 
                                                                        1. unconscionable

                                                                          Annotations:

                                                                          • so grossly unfair or oppressive it would shock the conscience of the court
                                                                          1. undue influence

                                                                            Annotations:

                                                                            • unfair and improper persuasive pressure pressure within a relationship of law
                                                                            1. unenforceable contract

                                                                              Annotations:

                                                                              • contract that court will not uphold, usually because of some rule of law
                                                                              1. unilateral

                                                                                Annotations:

                                                                                • contains a promise by only one person to do something if and when the other party performs a certain act
                                                                                1. unilateral mistake

                                                                                  Annotations:

                                                                                  • an error on the part of one of the parties 
                                                                                  1. usury

                                                                                    Annotations:

                                                                                    • charging too high of an interest rate
                                                                                    1. valid contract

                                                                                      Annotations:

                                                                                      • includes all elements recognized by the courts
                                                                                      1. void contract

                                                                                        Annotations:

                                                                                        • without legal effect
                                                                                        1. voidable contract

                                                                                          Annotations:

                                                                                          • one or more parties can get out of contract for some legal reason
                                                                                          1. written

                                                                                            Annotations:

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