Key Terms of Contract Law

Key Terms of Contract Law

1. Acceptance

   • Saying yes to an offer

2. Benefits

   • something that wasn't entitled to you

3. Bilateral

   • two promises

4. Capacity

   • legal ability to enter into a contract

5. Consideration

   • benefits to an agreement

6. Counteroffer

   • any change in offer

7. Death

   • act of dying

8. Detriments

   • any loss

9. Duress

   • overcoming a persons business

10. Economic Duress

    • threats to persons business

11. Emancipation

    • parent-child relationship

12. Express

    • contract statement that may be written

13. Firm Offer

    • a written offer

14. Forbearance

    • not doing something that you have a right to do

15. Fraudulent Misrepresentation

    • party to a contract makes a false statement

16. Genuine Agreement

    • a valid offer has been made by the offeror

17. Illusory Promises

    • allows escape from legal obligation

18. Implied

    • contract that comes about from the actions

19. Insanity

    • offeror  is crazy

20. Legality

    • Illegal contracts

21. Mentally Incapacitated

    • lacking the ability to understand

22. Mirror Image

23. Mutual Mistake

24. Nominal Consideration

25. Offer

26. Offeror

27. Option

28. Oral

29. Past Performance

30. Price Fixing

31. Rejection

32. Restrictive covenant

33. Offeree

34. Revocation

35. Statute of Frauds

36. Unconscionable

37. Undue Influence

38. Unenforceable contract

39. Unilateral

40. Usury

41. Valid contract

42. Void contract

43. Voidable contract

44. Written

45. Unilateral Mistake