Contract Law Key Terms Jonathan Willis

Annotations:

• Agreeing to go along with the offer.

1. Benefits

   Annotations:

   • Something extra earned 
   1. Bilateral

      Annotations:

      • Contract with two promises. 
      1. Capacity

         Annotations:

         • The legal ability to enter a contract.
         1. Consideration

            Annotations:

            • An agreement to trade benefits
            1. Counteroffer

               Annotations:

               • Negotiation   
               1. Death

                  Annotations:

                  • Offeror dies
                  1. Detriments

                     Annotations:

                     • Any loss suffered
                     1. Duress

                        Annotations:

                        • Forcing someone to do something by force
                        1. Economic Duress

                           Annotations:

                           • Threats to someone  money wise 
                           1. Emancipation

                              Annotations:

                              • To be freed from your parents. Adulthood.
                              1. Express

                                 Annotations:

                                 • Contract made by mouth or written 
                                 1. Firm Offer

                                    Annotations:

                                    • Offer ends
                                    1. Forbearance

                                       Annotations:

                                       • You have the right to do something but you don't don't do it.
                                       1. Fraudulent Misrepresentation

                                          Annotations:

                                          • False statement in contract.
                                          1. Genuine Agreement (Assent)

                                             Annotations:

                                             • Valid offer. Valid acceptance.
                                             1. Illusory Promises

                                                Annotations:

                                                • Ability to escape contract. Cause or wording.
                                                1. Impiled

                                                   Annotations:

                                                   • Actions cause contract. 
                                                   1. Insanity

                                                      Annotations:

                                                      • Offeror is crazy 
                                                      1. Legality

                                                         Annotations:

                                                         • Illegal Contracts 
                                                         1. Mentally Incapacitated

                                                            Annotations:

                                                            • Can not understand the consequences of your actions.
                                                            1. Mirror Image Rule

                                                               Annotations:

                                                               • Terms of accept. = Terms of offer.
                                                               1. Mutual Mistake (Bilateral mistake)

                                                                  Annotations:

                                                                  • Parties are mistaken 
                                                                  1. Nominal Consideration

                                                                     Annotations:

                                                                     •  Parties do not want to state amount.
                                                                     1. Offer

                                                                        Annotations:

                                                                        • A proposal of money.
                                                                        1. Offeree

                                                                           Annotations:

                                                                           • Offer made to this person.
                                                                           1. Offeror

                                                                              Annotations:

                                                                              • Makes the offer
                                                                              1. Option

                                                                                 Annotations:

                                                                                 • To give something of value in return for the offer to stay open.
                                                                                 1. Oral

                                                                                    Annotations:

                                                                                    • Contract made by word of mouth.
                                                                                    1. Past Performance

                                                                                       Annotations:

                                                                                       • A past act that can not be in a contract.
                                                                                       1. Price Fixing

                                                                                          Annotations:

                                                                                          • Competitors agree on a certain price range.
                                                                                          1. Rejection

                                                                                             Annotations:

                                                                                             • Refusal by the offeree
                                                                                             1. Restrictive covenant

                                                                                                Annotations:

                                                                                                • Agreement not to compete
                                                                                                1. Revocation

                                                                                                   Annotations:

                                                                                                   • taking back an offer
                                                                                                   1. Statute of Frauds

                                                                                                      Annotations:

                                                                                                      • A contract has to be written.
                                                                                                      1. Unconscionable

                                                                                                         Annotations:

                                                                                                         • An unfair act that would shock the court.
                                                                                                         1. Undue Influence

                                                                                                            Annotations:

                                                                                                            • Unfair persuasive act.
                                                                                                            1. Unenforceable contract

                                                                                                               Annotations:

                                                                                                               • Contract that wont withhold. 
                                                                                                               1. Unilateral

                                                                                                                  Annotations:

                                                                                                                  • Promise to do something if the other part performs an act.
                                                                                                                  1. Unilateral Mistake

                                                                                                                     Annotations:

                                                                                                                     • One party makes a mistake.
                                                                                                                     1. Usury

                                                                                                                        Annotations:

                                                                                                                        • Charging too high interest.
                                                                                                                        1. Valid contract

                                                                                                                           Annotations:

                                                                                                                           • All elements of a contract included.
                                                                                                                           1. Void contract

                                                                                                                              Annotations:

                                                                                                                              • No legal effect.
                                                                                                                              1. Voidable contract

                                                                                                                                 Annotations:

                                                                                                                                 • Can legally get out of the contract for some reason.
                                                                                                                                 1. Written

                                                                                                                                    Annotations:

                                                                                                                                    • Contract is written.