Mind map
Key terms of Contract Law
Mind map: Key terms of contract law
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Key terms of Contract Law
Acceptance
- unqualified willingness by the offree to go along with the offer
- Benefits
- a party was not prevously entilted to recieve
- bilateral
- contains 2 promises
- capacity
- legal ability to enter into a contract
- consideration
- exchange of benefits and detriments by the parties to an agreements
- counteroffer
- change in the terms of the offer
- death
- offeror dies
- detriments
- any loss suffered
- duress
- overcoming a persons free will by use of force
- economic duress
- threats to somebodys income or business
- Emanciption
- severing of the parent-child relationship
- express
- contract statement that may be written or oral
- firm offer
- written offer for goods that states the time a offer will be open
- forbearance
- not doing something you have the right to do
- frudulent misrepresention
- party to a contract delilbertly makes an untrue statement of fact
- genunine agreement
- valid offer has been made by the offeror and a valid acceptance has been exercised by the offeree