Key Terms of Contract Law

Zachary Walker
Mind Map by Zachary Walker, updated more than 1 year ago
Zachary Walker
Created by Zachary Walker over 6 years ago
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Description

An easy way to remember the key terms of Contract Law.

Resource summary

Key Terms of Contract Law
  1. Acceptance

    Annotations:

    • the offeree gives unqualified willingness to go with the offer
    1. Benefits

      Annotations:

      • Something that a party will get that they couldn't get earlier
      1. Bilateral

        Annotations:

        • Holds 2 promises
        1. Counteroffer

          Annotations:

          • changing the terms in a offer
          1. Detriments

            Annotations:

            • anything lost or given up
            1. Undue Influence

              Annotations:

              • improper persuasive pressure within a trusting relationship
            2. Duress

              Annotations:

              • threatening a person with force or actually harming them to overcome their free will
              1. Economic Duress

                Annotations:

                • threatening to hurt a person's place of business or their income
                1. Oral

                  Annotations:

                  • is created 2 or more people speaking to each other
                  1. Mirror Image Rule

                    Annotations:

                    • the terms of acceptance  have to be exactly matching to the terms of the offer
                    1. Statute of Frauds

                      Annotations:

                      • a requirement that certain contracts to be in enforceable writing
                      1. Usury

                        Annotations:

                        • making u pay too much for an interest rate
                      2. Written

                        Annotations:

                        • written contract terms that both parties know the exact terms
                      3. Genuine Agreement/Assent

                        Annotations:

                        • the offeror makes a valid offer and the person receiving the offer makes a valid acceptance
                        1. Unenforceable Contract

                          Annotations:

                          • a contract that can't be used in court because of some rule of law
                          1. Unconscionable

                            Annotations:

                            • an act that is so terribly unfair that it shocks the conscience of the court
                  2. Firm Offer

                    Annotations:

                    • a written offer for products/goods that tells how much time the offer is still open
                    1. Emancipation

                      Annotations:

                      • cutting of the relationship between parent and child
                    2. Forbearance

                      Annotations:

                      • not doing something that u can do
                      1. Death

                        Annotations:

                        • a person in the agreement dies
                        1. Fraudulent Misrepresentation

                          Annotations:

                          • one party intentionally makes a untrue statement of fact
                          1. Offer

                            Annotations:

                            • a proposal from 1 party to another with intent to create a legal binding agreement
                          2. Consideration

                            Annotations:

                            • both parties agree to each others benefits
                            1. Express

                              Annotations:

                              • a written or verbal contract statement
                              1. Mentally Incapacitated

                                Annotations:

                                • not able to understand their own consequences in contractual acts
                                1. Rejection

                                  Annotations:

                                  • the offeree says no to the offer
                                  1. Unilateral Mistake

                                    Annotations:

                                    • a mistake one party makes
                                  2. Revocation

                                    Annotations:

                                    • the offeror takes back the offer
                                    1. Voidable Contract

                                      Annotations:

                                      • a party or more can legally get out of a contract as long as it is a legal reason
                              2. Offeree

                                Annotations:

                                • the person the offer is made to
                                1. Insanity

                                  Annotations:

                                  • the person offering something is kookoo for Cocoa Puffs?Insane
                                  1. Mutual Mistake

                                    Annotations:

                                    • both of the parties are in error of a important fact (they both make a mistake)
                                    1. Offeror

                                      Annotations:

                                      • the person making the offer
                                      1. Option

                                        Annotations:

                                        • the offeree gives a valuable in return for a promise to keep the offer open for a set period of time
                                        1. Past Performance

                                          Annotations:

                                          • an already performed act that can't be considered in the contract
                                2. Capacity

                                  Annotations:

                                  •  u are able to go into a contract legally 
                                  1. Legality

                                    Annotations:

                                    • contracts that are illegal
                                    1. Illusory Promises

                                      Annotations:

                                      • words that allow a party to escape from legal obligation
                                      1. Void Contract

                                        Annotations:

                                        • doesn't have legal effect
                                        1. Implied

                                          Annotations:

                                          • a contract that comes about from the other party's actions
                                          1. Nominal Consideration

                                            Annotations:

                                            • a token amount in a written contract neither parties can't and do not wish to tell how much the amount is. 
                                            1. Unilateral

                                              Annotations:

                                              • a promise by 1 person to do something after the other party does a certain act
                                        2. Restrictive Covenant

                                          Annotations:

                                          • an agreement to not compete for a set time period in a region
                                      2. Valid Contract

                                        Annotations:

                                        • it contains all the elements recognized by the court
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