Contract Law Key Terms

jdavisbyhs
Mind Map by jdavisbyhs, updated more than 1 year ago
jdavisbyhs
Created by jdavisbyhs almost 5 years ago
153
8

Description

This is a mind map that I created to make study the different aspects of contract law easy.

Resource summary

Contract Law Key Terms
1 Elements of Contract Law
1.1 Offer

Annotations:

  • One party's proposal
1.1.1 Acceptance

Annotations:

  • one part's acceptance
1.1.1.1 Genuine Agreement

Annotations:

  • when both partyies agree
1.1.1.1.1 Consideration

Annotations:

  • exchange of benefits and detriments communicated between the parties
1.1.1.1.1.1 Capacity

Annotations:

  • legal ability to enter into a contract
1.1.1.1.1.1.1 Legality

Annotations:

  • the "legalness" of contracts
2 Termination Requirements/Types
2.1 Revocation

Annotations:

  • when offeror takes back offer
2.1.1 Rejection

Annotations:

  • when offeree turns down offer
2.1.1.1 Counter Offer

Annotations:

  • when offeree follows up with an offer 
2.1.1.1.1 Death

Annotations:

  • someone dies
2.1.1.1.1.1 Insanity

Annotations:

  • when someone is not mentally able to fulfill their end of the contract
2.1.1.1.1.1.1 Expiration of Time

Annotations:

  • when offeror doesn't meet deadlines
2.1.1.1.1.1.1.1 Destruction of Subject Matter

Annotations:

  • object at hand is damaged or destroyed
3 Types of Contracts
3.1 Valid Contract

Annotations:

  • contract that has all aspects to be legal
3.1.1 Void Contract

Annotations:

  • contracts without legal affect
3.1.1.1 Voidable Contract

Annotations:

  • contract that CAN be voided due to legal reasons
3.1.1.1.1 Unenforceable Contract

Annotations:

  • Contract that will not uphold in court, usually over legal reasons
4 General Terms
4.1 Implied

Annotations:

  • contract that comes about based on actions of the parties
4.1.1 Mentally Incapacitated

Annotations:

  • mentally unable to understand and agree to terms
4.1.1.1 Mirror Image Rule

Annotations:

  • when offer matches terms
4.1.1.1.1 Mutual Mistake

Annotations:

  • both parties are mistaken about an important fact
4.1.1.1.1.1 Nominal Consideration

Annotations:

  • token amount in a written statement that both parties do not wish to express.
4.1.1.1.1.1.1 Offeree

Annotations:

  • has offer made to them
4.1.1.1.1.1.1.1 Offeror

Annotations:

  • makes offer
4.1.1.1.1.1.1.1.1 Option

Annotations:

  • similar to a deposit
4.1.1.1.1.1.1.1.1.1 Oral

Annotations:

  • created by people speaking to each other
4.1.1.1.1.1.1.1.1.1.1 Past Performance

Annotations:

  • act already performed that cant be considered in the contract
4.1.1.1.1.1.1.1.1.1.1.1 Price Fixing

Annotations:

  • competitors agree on price range in which they will sell their products
4.1.1.1.1.1.1.1.1.1.1.1.1 Restrictive Covenant

Annotations:

  • competitors agree to not compete during a certain period of time or in a certain area.
4.1.1.1.1.1.1.1.1.1.1.1.1.1 Undue Influence

Annotations:

  • unfair and improper persuassive pressure within a relationship of trust
4.1.1.1.1.1.1.1.1.1.1.1.1.1.1 Unilateral

Annotations:

  • contains promise from one party to do something only if an act is performed by other party
4.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1 Usury

Annotations:

  • charging too high of an interest rate
5 General Terms
5.1 Benefits

Annotations:

  • something a party wasn't previously entitled to receive
5.1.1 Bilateral

Annotations:

  • contains two parties and agreements
5.1.1.1 Detriments

Annotations:

  • losses suffered or item(s) given up
5.1.1.1.1 Duress

Annotations:

  • overcoming a persons free will by force, fear or threat
5.1.1.1.1.1 Economic Duress

Annotations:

  • threats to a persons business or income
5.1.1.1.1.1.1 Emancipation

Annotations:

  • severing a parent child relationship
5.1.1.1.1.1.1.1 Express

Annotations:

  • contract statement shared (oral or written)
5.1.1.1.1.1.1.1.1 'Firm Offer

Annotations:

  • written offer for goods that states that the offer will be open for a period of time
5.1.1.1.1.1.1.1.1.1 Forebearance

Annotations:

  • not doing something you have the right to do 
5.1.1.1.1.1.1.1.1.1.1 Fraudulent Misinterpretation

Annotations:

  • party involved in contract deliberately makes an untrue statement or fact
5.1.1.1.1.1.1.1.1.1.1.1 Illusory Promises

Annotations:

  • clause or wording that allows a party to escape from legal obligation
5.1.1.1.1.1.1.1.1.1.1.1.1 Statute of Frauds

Annotations:

  • requires that certain contracts be in writing in order to be enforceable.
5.1.1.1.1.1.1.1.1.1.1.1.1.1 Unconscionsble

Annotations:

  • something so grossly unfair that it would shock the court
5.1.1.1.1.1.1.1.1.1.1.1.1.1.1 Unilateral Mistake

Annotations:

  • an error made only by one party
5.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1 Written

Annotations:

  • contract terms that are written so that both parties are clear of what the terms are
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