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Logan Slade

Description

mind map
loganslade7
Mind Map by loganslade7, updated more than 1 year ago
loganslade7
Created by loganslade7 over 6 years ago
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Resource summary

Logan Slade
  1. Acceptance- Unqualified willingness by the offeree to go along with the offer
    1. Benefits- Something that a party was not previously entitled to recieve
      1. Bilateral- Contains two promises
        1. Capacity- Legal ability to enter a contract
          1. Consideration- Exchange of benefits and detriments by the parties to an agreement
            1. Counteroffer- Any change in the terms of the offer
              1. Death

                Annotations:

                • Offeror dies
                1. Detriments

                  Annotations:

                  • Any loss suffered
                  1. Duress

                    Annotations:

                    • Overcoming a persons free will by use of force
                    1. Economic Duress

                      Annotations:

                      • Threats to a persons business or income
                      1. Emancipation

                        Annotations:

                        • serving of the parent-child relationship
                        1. Express

                          Annotations:

                          • Contract statement that may be written or oral
                          1. Firm offer

                            Annotations:

                            • A written offer
                            1. Forbearance

                              Annotations:

                              • Not doing something that you have the right to do
                              1. Fraudulent misrepresentation

                                Annotations:

                                • Party to contract makes an untrue statement
                                1. Genuine agreement

                                  Annotations:

                                  • A valid agreement
                                  1. Illusory Promises

                                    Annotations:

                                    • Clause or wording that allows party to escape from legal obligation
                                    1. Implied

                                      Annotations:

                                      • Contract that comes from actions of offeror
                                      1. Insanity

                                        Annotations:

                                        • Offeror is insane
                                        1. Legality

                                          Annotations:

                                          • illegal contracts
                                          1. Mentally incapacitated

                                            Annotations:

                                            • not mentally able to coroporate
                                            1. Mirror image rule

                                              Annotations:

                                              • terms must match
                                              1. Mutual mistake

                                                Annotations:

                                                • both parties mistaken about an important fact
                                                1. Nominal consideration

                                                  Annotations:

                                                  • Token amount in a written contract where either parties cannot or do not wish to state the amount
                                                  1. Offer

                                                    Annotations:

                                                    • proposal from one party to another
                                                    1. Offeree

                                                      Annotations:

                                                      • Offer made to this person
                                                      1. Offeror

                                                        Annotations:

                                                        • makes the offer
                                                        1. Option

                                                          Annotations:

                                                          • the offeree gives the offeror something of value in return for a promise to keep the offer
                                                          1. Oral

                                                            Annotations:

                                                            • created by 2 or more people speaking to each other
                                                            1. Past Performance

                                                              Annotations:

                                                              • act has aready been performed and cannot be considered in a contract
                                                              1. Price fixing

                                                                Annotations:

                                                                • Competitors agree on certain price ranges within which they will sell their products
                                                                1. Rejection

                                                                  Annotations:

                                                                  • refusal of offer
                                                                  1. Restrictive covenant

                                                                    Annotations:

                                                                    • Agreement not to compete in a region for a period of time
                                                                    1. Revocation

                                                                      Annotations:

                                                                      • Taking back an offer
                                                                      1. Statute of frauds

                                                                        Annotations:

                                                                        • Requires that certain contracts be in writing to be enforceable
                                                                        1. Unconscionable

                                                                          Annotations:

                                                                          • So grossly unfair or oppressive that it would shock the conscience of the court
                                                                          1. Undue influence

                                                                            Annotations:

                                                                            • Unfair and improper persuasive pressure within a relationship of trust
                                                                            1. Unenforceable contract

                                                                              Annotations:

                                                                              • contract that court will not uphold usually because of some rule of law
                                                                              1. Unilateral

                                                                                Annotations:

                                                                                • contains a promise by only one person to do something if, and when, the other party performs a certain act
                                                                                1. Unilateral mistake

                                                                                  Annotations:

                                                                                  • Am error on the part of one of the parties
                                                                                  1. Usury

                                                                                    Annotations:

                                                                                    • changing too high of an interest rate 
                                                                                    1. Valid contract

                                                                                      Annotations:

                                                                                      • Includes all elements recognized by the courts
                                                                                      1. Void contract

                                                                                        Annotations:

                                                                                        • Without legal effect
                                                                                        1. Voidable contract

                                                                                          Annotations:

                                                                                          • One or more parties can get out of contract for some legal reason
                                                                                          1. Written

                                                                                            Annotations:

                                                                                            • contract terms are written so that both parties know the exact terms
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