contracts

alan bernal
Mind Map by alan bernal, updated more than 1 year ago
alan bernal
Created by alan bernal almost 5 years ago
2
0

Description

mind map of contracts

Resource summary

contracts
1 acceptancer

Annotations:

  • willingness to go along with the offer
2 benefits

Annotations:

  • something party was not entitled to receive 
2.1 implied

Annotations:

  • contract that comes from the actions from the party
2.2 valid contract

Annotations:

  • includes all elements recognized by a court 
3 capacity

Annotations:

  • legal ability to enter a contract
3.1 nominal consideration
4 consideration

Annotations:

  • exchange of benefits to a party for agreements 
4.1 offer

Annotations:

  • legal binding agreement between 2 parties
4.1.1 offeree

Annotations:

  • makes the offer
4.1.1.1 rejectiom

Annotations:

  • refusal from an offer
5 death

Annotations:

  • offeror dies
5.1 genuine agreement

Annotations:

  • valid offer made by the offerer 
5.2 option

Annotations:

  • being able to pick one or the other 
6 duress

Annotations:

  • threats to a business by income 
6.1 illusory promises

Annotations:

  • wording that allows a party to leave a legal obligation 
6.2 revocation

Annotations:

  • taking back an offer
7 emancipation

Annotations:

  • severing of the parent/child relationship
7.1 legality

Annotations:

  • illegal contracts 
7.1.1 void contract

Annotations:

  • without legal effect
7.2 mirror image rule

Annotations:

  • terms must match terms of offer exactly 
7.3 mutual mistake

Annotations:

  • both parties mistaken about important fact
8 express

Annotations:

  • written or oral contract statment 
8.1 offeror

Annotations:

  • puts up an offer
8.1.1 oral

Annotations:

  • created by 2 or more people by  speaking to eachother
8.1.1.1 unilateral

Annotations:

  • contains a promise 1 person to do something if and when the other party performs a certain action
8.1.2 restrictive covenant

Annotations:

  • not to compete in a region for as set amount of time 
9 firm offer

Annotations:

  • written offer that states how long an offer will be open 
9.1 mentally incapacitated

Annotations:

  • mentally unable to understand consequences 
9.1.1 statute of frauds

Annotations:

  • that certain contracts be in writing 
9.1.1.1 unconscionable

Annotations:

  • unfair persuasive pressure in an offer
9.1.1.2 written

Annotations:

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

Annotations:

  • error on one of the parts of the party
9.2 voidable contract

Annotations:

  • when a party cant get out of an offer for some legal reason 
10 forbearance

Annotations:

  • not doing something you have the right to do 
10.1 usury

Annotations:

  • charging to high of an interest rate 
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