Key terms of Contract Law

robbiebran
Mind Map by robbiebran, updated more than 1 year ago
robbiebran
Created by robbiebran over 6 years ago
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Key terms of Contract Law
  1. Acceptance

    Annotations:

    • unqualified willingness by the offree to go along with the offer
    1. Benefits

      Annotations:

      • a party was not prevously entilted to recieve 
      1. bilateral

        Annotations:

        • contains 2 promises 
        1. capacity

          Annotations:

          • legal ability to enter into a contract 
          1. consideration

            Annotations:

            • exchange of benefits and detriments by the parties to an agreements 
            1. counteroffer

              Annotations:

              • change in the terms of the offer 
              1. death

                Annotations:

                • offeror dies
                1. detriments

                  Annotations:

                  • any loss suffered
                  1. duress

                    Annotations:

                    • overcoming a persons free will by use of force 
        2. economic duress

          Annotations:

          • threats to somebodys income or business
          1. Emanciption

            Annotations:

            • severing of the parent-child relationship
            1. express

              Annotations:

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

                Annotations:

                • written offer for goods that states the time a offer will be open 
                1. forbearance

                  Annotations:

                  • not doing something you have the right to do 
                  1. frudulent misrepresention

                    Annotations:

                    • party to a contract delilbertly makes an untrue statement of fact 
                    1. genunine agreement

                      Annotations:

                      • valid offer has been made by the offeror and a valid acceptance has been exercised by the offeree
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