3549421
Description
Mind Map by James Blalock, updated more than 1 year ago
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Created by James Blalock
over 6 years ago
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Key Terms
of Contract
Law
- Acceptance
Annotations:
- Saying yes to an offer
- Benefits
Annotations:
- something that wasn't entitled to you
- Bilateral
Annotations:
- two promises
- Capacity
Annotations:
- legal ability to enter into a contract
- Consideration
Annotations:
- benefits to an agreement
- Counteroffer
Annotations:
- any change in offer
- Death
Annotations:
- act of dying
- Detriments
Annotations:
- any loss
- Duress
Annotations:
- overcoming a persons business
- Economic Duress
Annotations:
- threats to persons business
- Emancipation
Annotations:
- parent-child relationship
- Express
Annotations:
- contract statement that may be written
- Firm Offer
Annotations:
- a written offer
- Forbearance
Annotations:
- not doing something that you have a right to do
- Fraudulent Misrepresentation
Annotations:
- party to a contract makes a false statement
- Genuine Agreement
Annotations:
- a valid offer has been made by the offeror
- Illusory Promises
Annotations:
- allows escape from legal obligation
- Implied
Annotations:
- contract that comes about from the actions
- Insanity
Annotations:
- offeror is crazy
- Legality
Annotations:
- Illegal contracts
- Mentally Incapacitated
Annotations:
- lacking the ability to understand
- Mirror Image
- Mutual Mistake
- Nominal Consideration
- Offer
- Offeror
- Option
- Oral
- Past Performance
- Price Fixing
- Rejection
- Restrictive covenant
- Offeree
- Revocation
- Statute of Frauds
- Unconscionable
- Undue Influence
- Unenforceable contract
- Unilateral
- Usury
- Valid contract
- Void contract
- Voidable contract
- Written
- Unilateral Mistake