Contract Law Key Terms

bianca.king14
Mind Map by bianca.king14, updated more than 1 year ago
bianca.king14
Created by bianca.king14 almost 5 years ago
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Contract law key terms
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Contract Law Key Terms
1 Acceptance

Annotations:

  • Willingness by the offeree to go along with the offer
2 Benefits

Annotations:

  • Something you recieve
3 Bilateral

Annotations:

  • Two promises 
4 Capacity

Annotations:

  • Legal ability to enter into a contract
5 Consideration

Annotations:

  • Exchange of benefits and detriments
6 Counteroffer

Annotations:

  • Change in offer
7 Death

Annotations:

  • Offeror dies 
8 Detriments

Annotations:

  • Loss suffered
9 Duress

Annotations:

  • Overcoming a person free will by force
10 Economic Duress

Annotations:

  • Threats to a person's business or income
11 Emancipation

Annotations:

  • Severing of the parent- child relatioship
12 Express

Annotations:

  • Contract written or oral
13 Firm offer

Annotations:

  • Written offer for goods. States how long offer stay open
14 Forberance

Annotations:

  • Don't have the right to do something
15 Fraudulent Misrepresentation

Annotations:

  • Untrue statement of fact
16 Genuine Agreement

Annotations:

  • Valid offer 
17 Illusory Promises

Annotations:

  • Wording that allow party to escape legal obligation
18 Implied

Annotations:

  • Contract comes from action of party
19 Insanity

Annotations:

  • offeror is insane
20 Legality

Annotations:

  • Illegal Contracts
21 Mentally Incapacitates

Annotations:

  • Lacking ability to understand consequences 
22 Mirror image Ruke

Annotations:

  • Terms acceptance match terms of offer
23 Mutual mistake

Annotations:

  • Both parties mistaken about important fact
24 Nominal Consideration

Annotations:

  • Token amount in a contract where parties do not want to state the amount or cannot state it
25 Offer

Annotations:

  • Proposal with intent to create a legal binding agreement
26 Offeree

Annotations:

  • Offer made to this person
27 Offeror

Annotations:

  • Makes offer
28 Option

Annotations:

  • Offeree gives offeror something in value in return for a promise to keep offer open
29 Oral

Annotations:

  • Speaking
30 Past performance

Annotations:

  • Act already been performed. Not in consideration
31 Price fixing

Annotations:

  • Competitors agree on certain price
32 Rejection

Annotations:

  • Offeree refuses
33 Restrictive covenant

Annotations:

  • Agreement can't be in region for a period of time
34 Revocation

Annotations:

  • Taking back on an offer by offeror
35 Statue of Frauds

Annotations:

  • Requires that certain contracts be in writing to be enforceable
36 Unconacionable

Annotations:

  • SO grossly unfair or oppressive
37 Undue Influence

Annotations:

  • Unfair and improper persuasive pressure within a relationship of trust
38 Unenforceable contract

Annotations:

  • Contract that court will not uphold
39 Unilateral

Annotations:

  • Contains a promise by only one person
40 Unilateral Mistake

Annotations:

  • Error on the part of one of the parties
41 Usury

Annotations:

  • Charging too high of an interest rate
42 Valid contract

Annotations:

  • Includes all elements recognized by the courts
43 Void Contract

Annotations:

  • Without legal effect
44 Voidable contact

Annotations:

  • One or more parties can get out of contract for some legal reason
45 Written

Annotations:

  • Contract terms are written so that both parties know the exact terms
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