Key terms toContracts

Key terms toContracts

1. Acceptance

   • Unqualified willingness by the offeree to go along w| the offer
   • conderation
     • exchange of benefits and detriments by the parties to an agreement
     • Emancipation
       • severing of the parent-child relationship
     • implied
       • contract that comes about from the actions of the parties
     • insanity
       • offeror or declared insane
       • Restrictive covenant
         • agreement not to compete in a region for a period of time

2. Benefits

   • something that the party was not previously entitled to recieve
   • capacity
     • legal ability to enter a contract
     • legality
       • illegal contracts
   • Death
     • offeror dies
     • Economic Duress
       • threats to a person's business or income
       • offer
         • proposal
     • mutual mistake
       • both parties are mistake an important  fact
   • Forbearance
     • not doing something that you have the right to do
     • Genuin Agreement
       • a valid offer has been made by the offeror , and a valid acceptance has been exercised by the offeree

3. Bilateral

   • contains two promises
   • counteroffer
     • any change in the terms of the offer
     • Duress
       • Overcoming a person's free will by use of force or by threat of force or bodily harm
       • offeree
         • offer made to this person
   • detriments
     • Any loss suffered: anything given up
     • nominal consideration
       • token amount in a written contract where either the parties cannot or do not wish to state amont
     • offeror
       • makes the offer

4. Express

   • contract statement that may be written or oral
   • Firm offer
     • a written offer
     • Fraudulent Mirepresentation
       • party to a contract deliberately makes an untrue statement of fact
       • option
         • the offeree gives the offeror choices
     • oral
       • created by two or more people speaking to eachother
   • illusory promises
     • clause or wording that allows party to escape from legal obligation
     • price fixing
       • competitors agree on certain price ranges within which they will sell their product
   • past performance
     • an act that has already been performed cannot be consideration in a contract

5. Mentally Incapacitated

   • lacking the ability to understand the consequences of his or her contractual acts

6. mirror image rule

   • terms of the acceptance must match exactly the terms of the offer
   • rejection
     • refusal by the offeree