3551977
Description
Mind Map by bianca.king14, updated more than 1 year ago
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Created by bianca.king14
over 8 years ago
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Contract Law Key Terms
- Acceptance
Annotations:
- Willingness by the offeree to go along with the offer
- Benefits
Annotations:
- Something you recieve
- Bilateral
Annotations:
- Two promises
- Capacity
Annotations:
- Legal ability to enter into a contract
- Consideration
Annotations:
- Exchange of benefits and detriments
- Counteroffer
Annotations:
- Change in offer
- Death
Annotations:
- Offeror dies
- Detriments
Annotations:
- Loss suffered
- Duress
Annotations:
- Overcoming a person free will by force
- Economic Duress
Annotations:
- Threats to a person's business or income
- Emancipation
Annotations:
- Severing of the parent- child relatioship
- Express
Annotations:
- Contract written or oral
- Firm offer
Annotations:
- Written offer for goods. States how long offer stay open
- Forberance
Annotations:
- Don't have the right to do something
- Fraudulent Misrepresentation
Annotations:
- Untrue statement of fact
- Genuine Agreement
Annotations:
- Valid offer
- Illusory Promises
Annotations:
- Wording that allow party to escape legal obligation
- Implied
Annotations:
- Contract comes from action of party
- Insanity
Annotations:
- offeror is insane
- Legality
Annotations:
- Illegal Contracts
- Mentally Incapacitates
Annotations:
- Lacking ability to understand consequences
- Mirror image Ruke
Annotations:
- Terms acceptance match terms of offer
- Mutual mistake
Annotations:
- Both parties mistaken about important fact
- Nominal Consideration
Annotations:
- Token amount in a contract where parties do not want to state the amount or cannot state it
- Offer
Annotations:
- Proposal with intent to create a legal binding agreement
- Offeree
Annotations:
- Offer made to this person
- Offeror
Annotations:
- Makes offer
- Option
Annotations:
- Offeree gives offeror something in value in return for a promise to keep offer open
- Oral
Annotations:
- Speaking
- Past performance
Annotations:
- Act already been performed. Not in consideration
- Price fixing
Annotations:
- Competitors agree on certain price
- Rejection
Annotations:
- Offeree refuses
- Restrictive covenant
Annotations:
- Agreement can't be in region for a period of time
- Revocation
Annotations:
- Taking back on an offer by offeror
- Statue of Frauds
Annotations:
- Requires that certain contracts be in writing to be enforceable
- Unconacionable
Annotations:
- SO grossly unfair or oppressive
- Undue Influence
Annotations:
- Unfair and improper persuasive pressure within a relationship of trust
- Unenforceable contract
Annotations:
- Contract that court will not uphold
- Unilateral
Annotations:
- Contains a promise by only one person
- Unilateral Mistake
Annotations:
- Error on the part of one of the parties
- Usury
Annotations:
- Charging too high of an interest rate
- Valid contract
Annotations:
- Includes all elements recognized by the courts
- Void Contract
Annotations:
- Without legal effect
- Voidable contact
Annotations:
- One or more parties can get out of contract for some legal reason
- Written
Annotations:
- Contract terms are written so that both parties know the exact terms
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