Please wait - loading…

Contract Law Key Terms

Description

Contract law terms
chelsealynn
Mind Map by chelsealynn, updated more than 1 year ago
chelsealynn
Created by chelsealynn over 6 years ago
6
0

Resource summary

Contract Law Key Terms
  1. Acceptance

    Annotations:

    • Willingness to go along with the offer
    1. Benefits

      Annotations:

      • Something that a party was not previously entitled to get
      1. Bilateral

        Annotations:

        • Contains two promises
        1. Capacity

          Annotations:

          • Legal ability to enter into a contract
          1. Consideration

            Annotations:

            • Exchange of benefits by the parties to an agreement 
            1. Counteroffer

              Annotations:

              • change in the offer
              1. Death

                Annotations:

                • offeror dies
                1. Detriments

                  Annotations:

                  • loss or anything thats given up
                  1. Duress

                    Annotations:

                    • overcoming a persons will by threat or harm
                    1. Economic Duress

                      Annotations:

                      • threat to a business or persons income
                      1. Emancipation

                        Annotations:

                        • getting rid of the parent child relationship 
                        1. Express

                          Annotations:

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

                            Annotations:

                            • written offer that states the time that the offer will remain open
                            1. Forbearance

                              Annotations:

                              • Not doing things you have the right to do 
                              1. Fraudulent Misrepresentation

                                Annotations:

                                • party to a contract that makes a untrue  statement 
                                1. Genuine Agreement

                                  Annotations:

                                  • Offer made by offeror and has been accepted 
                                  1. Illusory Promises

                                    Annotations:

                                    • Cause that allows party to get out of legal obligation 
                                    1. Implied

                                      Annotations:

                                      • Contract that comes from the actions of the party
                                      1. Insanity

                                        Annotations:

                                        • Offeror is declared insane
                                        1. Legality

                                          Annotations:

                                          • Illegal contracts
                                          1. Mentally Incapacitated

                                            Annotations:

                                            • lack of ability to understand consequences of contractual acts
                                            1. Mirror Image Rule

                                              Annotations:

                                              • terms of the acceptance must match terms of the offer
                                              1. Mutual Mistake

                                                Annotations:

                                                • both parties are mistaken
                                                1. Nominal Consideration

                                                  Annotations:

                                                  • amount written in a contract where parties don't want to state the amount 
                                                  1. Offer

                                                    Annotations:

                                                    • something offered by one person to another with intentions to create a legal binding 
                                                    1. Offeree

                                                      Annotations:

                                                      • person offer was made to
                                                      1. Offeror

                                                        Annotations:

                                                        • person who made the offer
                                                        1. Option

                                                          Annotations:

                                                          • offeree giver offeror something of value to keep the offer open longer
                                                          1. Oral

                                                            Annotations:

                                                            • made by two or more people speaking to each other
                                                            1. Past Performance

                                                              Annotations:

                                                              • act that has already been performed cannot be considered into contract
                                                              1. Price Fixing

                                                                Annotations:

                                                                • competitors agree on price ranges that they sell their product 
                                                                1. Rejection

                                                                  Annotations:

                                                                  • refusal by offeree
                                                                  1. Restrictive Covenant

                                                                    Annotations:

                                                                    • agreement where you agree not to compete somewhere in a period of time 
                                                                    1. Revocation

                                                                      Annotations:

                                                                      • taking back of an offer
                                                                      1. Statue of Frauds

                                                                        Annotations:

                                                                        • certain contracts be in writing 
                                                                        1. Unconscionable

                                                                          Annotations:

                                                                          • so unfair that it would shock the court
                                                                          1. Unenforceable Contract

                                                                            Annotations:

                                                                            • court will not uphold
                                                                            1. Undue Influence

                                                                              Annotations:

                                                                              • persuassive pressure that isnt fail in a relationship of trust
                                                                              1. Unilateral

                                                                                Annotations:

                                                                                • promise where if one person does something the other person will do something
                                                                                1. Unilateral Mistake

                                                                                  Annotations:

                                                                                  • error of one party
                                                                                  1. Usury

                                                                                    Annotations:

                                                                                    • too high interest rate charged
                                                                                    1. Valid Contract

                                                                                      Annotations:

                                                                                      • all emements reconized by courts
                                                                                      1. Void Contract

                                                                                        Annotations:

                                                                                        • without legal effect 
                                                                                        1. Voidable Contract

                                                                                          Annotations:

                                                                                          • parties can get out of contract
                                                                                          1. Written

                                                                                            Annotations:

                                                                                            • terms are written so both parties know
                                                                                            Show full summary Hide full summary

                                                                                            Similar

                                                                                            Contract Law
                                                                                            sherhui94
                                                                                            How Parliament Makes Laws
                                                                                            harryloftus505
                                                                                            A-Level Law: Theft
                                                                                            amyclare96
                                                                                            AQA AS LAW, Unit 1, Section A, Parliamentary Law Making 1/3
                                                                                            Nerdbot98
                                                                                            A2 Law: Cases - Defence of Insanity
                                                                                            Jessica 'JessieB
                                                                                            Law Commission 1965
                                                                                            ria rachel
                                                                                            The Criminal Courts
                                                                                            thornamelia
                                                                                            A2 Law: Special Study - Robbery
                                                                                            Jessica 'JessieB
                                                                                            Omissions
                                                                                            ameliathorn0325
                                                                                            AS Law Jury Case Quiz
                                                                                            Fionnghuala Malone
                                                                                            Criminal Law
                                                                                            jesusreyes88