Contract Law

paulovermann
Mind Map by paulovermann, updated more than 1 year ago
paulovermann
Created by paulovermann almost 5 years ago
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Business law words
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Resource summary

Contract Law
1 Accpetance

Annotations:

  • Unqualified Willingness by the offeree to go along with the offer
2 Benefits

Annotations:

  • Something that a party was not previously entitled to receive
3 Bilateral

Annotations:

  • Contains two promises
4 Consideration

Annotations:

  • Exchange of benefits and detriments by the parties to an agreements
5 Capacity

Annotations:

  • Legal ability to start a contract
6 Death

Annotations:

  • Offeror dies
7 Detriments

Annotations:

  • Anything lost or given up
8 Duress

Annotations:

  • Overcoming someones freewill by use of force or by threat of force
9 Economic Duress

Annotations:

  • Threats to a person's business or income
10 Express

Annotations:

  • Contract statemen that may be written or oral
11 Emancipation

Annotations:

  • Severing of the parent child-relationship
12 Firm Offer

Annotations:

  • A written offer for goods that states the period of time during which the offer will stay open
13 Forbearance

Annotations:

  • Not doing something that you have the right to do
14 Fraudulent Mispreresentation

Annotations:

  • Party to a contract deliberately makes an untrue statement of fact
15 Implied

Annotations:

  • Contract that comes about from the actions of a party
16 Illusory Promises

Annotations:

  • Clause or wording that allows party to escape from legal obligation
17 Genuine Agreement (Assent)

Annotations:

  • A valid offer has been made by the offeror, and a valid acceptance has been exercised by the offeree
18 Insanity

Annotations:

  • Offeror is declared insane
19 Legality

Annotations:

  • Illegal contracts
20 Mentally Incapacitated

Annotations:

  • Lacking the ability to understand the consequences of his or her contractual acts
21 Mirror Image Rule

Annotations:

  • Terms of the acceptance must match exactly (mirror) the terms of the offer
22 Mutual mistake (Bilateral Mistake)

Annotations:

  • Both parties are mistaken about an important fact
23 Offer

Annotations:

  • Proposal by one party to another in a written contract where either parties cannot or do not wish to state the amount
24 Nominal Consideration

Annotations:

  • Token amount in a written contract where either the parties cannot or do not wish to state the amount
25 Offeree

Annotations:

  • Offer made to this person
26 Offeror

Annotations:

  • Makes the offer
27 Option

Annotations:

  • The offeree gives the offeror something of value in return for a promise to keep the offer open for a set period of time
28 Oral

Annotations:

  • Created by two or more people speaking to eachother
29 Rejection

Annotations:

  • Refusal by the offeree
30 Price Fixing

Annotations:

  • Competitors agree on certain price rangers within which they will sell their products
31 Restrictive Covenant

Annotations:

  • Agreement not to compete in a region for a set period of time
32 Past Peformance

Annotations:

  • An act that has already been peformed cannot be consideration in a contract
33 Revocation

Annotations:

  • Taking back of an offer
34 Statue of frauds

Annotations:

  • Requires that certain contracts be in writing to be enforced
35 Unconscionable

Annotations:

  • So grossly unfair or oppressive that it would shock the conscience of the court
36 Undue Influence

Annotations:

  • Unfair and improper pressure within a relationship of turst
37 Unenforceable Contract

Annotations:

  • Contract that court will uphold, usually because of some rule of law
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