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Key Terms of Contract Law

Description

Contract law mind map
James Blalock
Mind Map by James Blalock, updated more than 1 year ago
James Blalock
Created by James Blalock over 6 years ago
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Resource summary

Key Terms of Contract Law
  1. Acceptance

    Annotations:

    • Saying yes to an offer
    1. Benefits

      Annotations:

      • something that wasn't entitled to you
      1. Bilateral

        Annotations:

        • two promises
        1. Capacity

          Annotations:

          • legal ability to enter into a contract
          1. Consideration

            Annotations:

            • benefits to an agreement
            1. Counteroffer

              Annotations:

              • any change in offer
              1. Death

                Annotations:

                • act of dying
                1. Detriments

                  Annotations:

                  • any loss
                  1. Duress

                    Annotations:

                    • overcoming a persons business
                    1. Economic Duress

                      Annotations:

                      • threats to persons business
                      1. Emancipation

                        Annotations:

                        • parent-child relationship
                        1. Express

                          Annotations:

                          • contract statement that may be written
                          1. Firm Offer

                            Annotations:

                            • a written offer
                            1. Forbearance

                              Annotations:

                              • not doing something that you have a right to do
                              1. Fraudulent Misrepresentation

                                Annotations:

                                • party to a contract makes a false statement
                                1. Genuine Agreement

                                  Annotations:

                                  • a valid offer has been made by the offeror
                                  1. Illusory Promises

                                    Annotations:

                                    • allows escape from legal obligation
                                    1. Implied

                                      Annotations:

                                      • contract that comes about from the actions
                                      1. Insanity

                                        Annotations:

                                        • offeror  is crazy
                                        1. Legality

                                          Annotations:

                                          • Illegal contracts
                                          1. Mentally Incapacitated

                                            Annotations:

                                            • lacking the ability to understand
                                            1. Mirror Image
                                              1. Mutual Mistake
                                                1. Nominal Consideration
                                                  1. Offer
                                                    1. Offeror
                                                      1. Option
                                                        1. Oral
                                                          1. Past Performance
                                                            1. Price Fixing
                                                              1. Rejection
                                                                1. Restrictive covenant
                                                                  1. Offeree
                                                                    1. Revocation
                                                                      1. Statute of Frauds
                                                                        1. Unconscionable
                                                                          1. Undue Influence
                                                                            1. Unenforceable contract
                                                                              1. Unilateral
                                                                                1. Usury
                                                                                  1. Valid contract
                                                                                    1. Void contract
                                                                                      1. Voidable contract
                                                                                        1. Written
                                                                                          1. Unilateral Mistake
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