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

Resource summary

	Created by James Blalock over 8 years ago