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Key terms toContracts

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mind map
k.rice227
Mind Map by k.rice227, updated more than 1 year ago
k.rice227
Created by k.rice227 over 6 years ago
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Resource summary

Key terms toContracts
  1. Acceptance

    Annotations:

    • Unqualified willingness by the offeree to go along w| the offer
    1. conderation

      Annotations:

      • exchange of benefits and detriments by the parties to an agreement
      1. Emancipation

        Annotations:

        • severing of the parent-child relationship
        1. implied

          Annotations:

          • contract that comes about from the actions of the parties
          1. insanity

            Annotations:

            • offeror or declared insane
            1. Restrictive covenant

              Annotations:

              • agreement not to compete in a region for a period of time
        2. Benefits

          Annotations:

          • something that the party was not previously entitled to recieve
          1. capacity

            Annotations:

            • legal ability to enter a contract
            1. legality

              Annotations:

              • illegal contracts
            2. Death

              Annotations:

              • offeror dies
              1. Economic Duress

                Annotations:

                • threats to a person's business or income
                1. offer

                  Annotations:

                  • proposal
                2. mutual mistake

                  Annotations:

                  • both parties are mistake an important  fact
                3. Forbearance

                  Annotations:

                  • not doing something that you have the right to do
                  1. Genuin Agreement

                    Annotations:

                    • a valid offer has been made by the offeror , and a valid acceptance has been exercised by the offeree
                4. Bilateral

                  Annotations:

                  • contains two promises
                  1. counteroffer

                    Annotations:

                    • any change in the terms of the offer
                    1. Duress

                      Annotations:

                      • Overcoming a person's free will by use of force or by threat of force or bodily harm
                      1. offeree

                        Annotations:

                        • offer made to this person
                    2. detriments

                      Annotations:

                      • Any loss suffered: anything given up
                      1. nominal consideration

                        Annotations:

                        • token amount in a written contract where either the parties cannot or do not wish to state amont
                        1. offeror

                          Annotations:

                          • makes the offer
                      2. Express

                        Annotations:

                        • contract statement that may be written or oral
                        1. Firm offer

                          Annotations:

                          • a written offer
                          1. Fraudulent Mirepresentation

                            Annotations:

                            • party to a contract deliberately makes an untrue statement of fact
                            1. option

                              Annotations:

                              • the offeree gives the offeror choices
                            2. oral

                              Annotations:

                              • created by two or more people speaking to eachother
                            3. illusory promises

                              Annotations:

                              • clause or wording that allows party to escape from legal obligation
                              1. price fixing

                                Annotations:

                                • competitors agree on certain price ranges within which they will sell their product
                              2. past performance

                                Annotations:

                                • an act that has already been performed cannot be consideration in a contract
                              3. Mentally Incapacitated

                                Annotations:

                                • lacking the ability to understand the consequences of his or her contractual acts
                                1. mirror image rule

                                  Annotations:

                                  • terms of the acceptance must match exactly the terms of the offer
                                  1. rejection

                                    Annotations:

                                    • refusal by the offeree
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