3549454
Description
Mind Map by samuel wallace, updated more than 1 year ago
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Created by samuel wallace
over 8 years ago
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Contract Law
- Acceptance
Annotations:
- Unqualified willingness by the offeree to go along with the offer
- Benefits
Annotations:
- Something you get as a bonus
- Bilateral
Annotations:
- Both people promise
- Capacity
Annotations:
- Legality to enter into a contract
- Consideration
Annotations:
- Exchange of term until an agreement is reached
- Counteroffer
Annotations:
- A change to the terms
- Death
Annotations:
- Offeror dies
- Duress
Annotations:
- Taking someones free will by force
- Economic Duress
Annotations:
- Threats to a business
- Emancipation
Annotations:
- Cutting parent child relations
- Express
Annotations:
- Contract Statement
- Firm Offer
Annotations:
- A written offer that ensures goods will be delivered
- Forbearance
Annotations:
- Doing something that you cant do
- Fradulent Misrepresentation
Annotations:
- Party lies intentionally
- Genuine Agreement
Annotations:
- Both parties have agreed
- Illusory Promises
Annotations:
- Words that act as loopholes
- Implied
Annotations:
- Contract made from actions
- Insanity
Annotations:
- Offeror is declared insane
- Legality
Annotations:
- Illegal Contract
- Mentally Incapacited
Annotations:
- Lacking the ability to understand the contract
- Mirror Image Rule
Annotations:
- Both terms must be exactly the same
- Mutual Mistake
Annotations:
- Both parties are wrong
- Nominal Consideration
Annotations:
- When the parties don't state an ammount
- Offer
Annotations:
- Proposal too create a legally binding deal
- Offeree
Annotations:
- Offer made
- Offeror
Annotations:
- Offer made
- Option
Annotations:
- Something of value in exchange for more time
- Oral
Annotations:
- Created from Speech
- Past Performance
Annotations:
- Acts that have already been performed cant be considered in a contract
- Price Fixing
Annotations:
- Competitors agree on how much theyre product cost
- Rejection
Annotations:
- Saying No to a contract
- Restrictive Covenant
Annotations:
- Agreement to not participate in a region
- Revocation
Annotations:
- Taking back an offeror
- Statute of Frauds
Annotations:
- Certain contracts be written
- Unconcscionable
Annotations:
- So unfair it would shock the court
- Undue Influence
Annotations:
- Contract the court will not uphold
- Unilateral
Annotations:
- Contract only one person agrees to
- Unilateral Mistake
Annotations:
- Mistake by one party
- Usury
Annotations:
- Charging to much interest
- Valid contract
Annotations:
- Includes all legal elements
- Void Contract
Annotations:
- Without Legal Effect
- Voidable Contract
Annotations:
- One or more parties cant leave the contract
- Written
Annotations:
- Contract is written
- Termination
Annotations:
- Ending a contract
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