Contracts

Resource summary

Contracts
1 Acceptance

Annotations:

  • The unqualified willingness by the offeree to agree 
1.1 Capacity

Annotations:

  • Ability to enter a contract 
1.1.1 Mutual Mistake

Annotations:

  • Both parties are mistaken
1.1.1.1 Duress

Annotations:

  • Overcoming a persons free will by use of force 
1.2 Firm Offer

Annotations:

  • A written offer for goods that is limited time. 
2 Benefits

Annotations:

  • An addition 
2.1 Bilateral

Annotations:

  • Two promises 
2.1.1 Legality

Annotations:

  • Illegal contracts
3 Death

Annotations:

  • Offeror Dies 
3.1 Nominal Consideration

Annotations:

  • Token amount 
3.1.1 Counteroffer

Annotations:

  • Any change of terms of agreement. 
3.1.2 Unenforceable Contract
4 Option

Annotations:

  • When the offeree gives the offerer something of value in return for a promise. 
4.1 Past Performance

Annotations:

  • AN act that is already done.
4.2 Offeree

Annotations:

  • The person receives the offer. 
5 Oral

Annotations:

  • A verbal agreement between two or more people. 
5.1 Price Fixing

Annotations:

  • Compromising on a fair price that will sell to consumers. 
5.1.1 Implied

Annotations:

  • Contracts that comes about from the actions of the parties. 
5.1.1.1 Economic Duress

Annotations:

  • Threats to a persons business or income 
5.1.1.1.1 Written

Annotations:

  • Contract items are written so that parties know
5.1.1.2 Void Contract
5.2 Revocation

Annotations:

  • Taking back of an offer by offerer  
6 Rejection

Annotations:

  • Refusal by the offeror 
6.1 Express

Annotations:

  • Contract statement that may be written or oral 
7 Insanity

Annotations:

  • offeror is declared insane. 
7.1 Mentally Incapacitated

Annotations:

  • Lacking the ability to be aware of ones actions.
7.1.1 Offer

Annotations:

  • Proposal by one party to another 
7.1.2 Mirror Image Rule

Annotations:

  • Matching terms 
7.1.2.1 Valid Contract

Annotations:

  • Includes all elements recognized by the courts 
7.1.2.2 Unilateral Mistake
7.2 Genuine Agreement

Annotations:

  • A valid offer 
7.2.1 Forbearance

Annotations:

  • Not doing something that you have the right to do 
7.2.1.1 Consideration

Annotations:

  • Exchange of benefits and detriments
7.2.1.2 Unconscionable

Annotations:

  • SOmething that would shock the coscience of court 
7.2.1.2.1 Undue Influence

Annotations:

  • Unfair and improper 
7.2.1.2.1.1 Usury

Annotations:

  • Charging too high of interest rate 
7.2.1.2.2 Voidable contract
7.3 Dertriments

Annotations:

  • Any loss suffered 
8 Emancipation

Annotations:

  • Serving of the parent-child realationship
8.1 Statute of Frauds

Annotations:

  • Requires that certain contracts be in writing 
Show full summary Hide full summary

Similar

Key terms of Contract Law
robbiebran
Logan Slade
loganslade7
key terms to contracts
jaelyntotten295370
Key terms toContracts
k.rice227
Contracts Key Terms
jajeffries.jeffr
Key terms to Contracts
alyssaimani35
Obligations and Contracts - Provisions
mitchdeocampo
CONTRACT LAW
remy.richman
Contracts (Pennsylvania Real Estate ch. 9)
Laila Enchante
Performing in Good Faith
ditzymuffin