Contract Law

ltarpleybyhs
Mind Map by ltarpleybyhs, updated more than 1 year ago
ltarpleybyhs
Created by ltarpleybyhs almost 5 years ago
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Contract Law
1 Acceptance

Annotations:

  • Unqualified willingness by the offeree to go along with the offer
1.1 Capacity

Annotations:

  • Legal ability to enter into a contract.
1.1.1 Death

Annotations:

  • Offeror dies
1.2 Consideration

Annotations:

  • Exchange of benefits and detriments by the parties to an agreement
2 Benefits

Annotations:

  • Something the party wasn't originally entitled to get.
3 Bilateral

Annotations:

  • Contains two promises
4 Counteroffer

Annotations:

  • Any change in the offer
4.1 Emancipation

Annotations:

  • Destroying the parent-child relationship
4.1.1 Offer

Annotations:

  • Proposal by one party to another
4.1.1.1 Offeree

Annotations:

  • Recieves the offer
4.1.1.1.1 Offeror

Annotations:

  • Makes the offer
5 Detriments

Annotations:

  • Anything given up
6 Duress

Annotations:

  • Overcoming a person's free will by use of force or by threat of force or bodily harm
6.1 Economic Duress

Annotations:

  • Threatening a person's business or income
6.1.1 Express

Annotations:

  • Contract statement that may be written or oral
6.1.1.1 Unconscionable

Annotations:

  • Grossly unfair or oppressive that it would shock the court
6.1.1.1.1 Undue Influence

Annotations:

  • Unfair and improper persuasive pressure within a relationship of trust
7 Firm Offer

Annotations:

  • States how long the offer will stay open
7.1 Forbearance

Annotations:

  • Not doing what you can do
7.1.1 Fraudulent Misrepresentation

Annotations:

  • Party to a contract purposely makes an untrue statement
7.1.1.1 Illusory Promises

Annotations:

  • Wording that allows you to escape from legal obligation
7.1.1.2 Implied

Annotations:

  • Contract that comes about from the actions of the parties
7.1.1.2.1 Void Contract

Annotations:

  • Without legal effect
7.1.1.3 Insanity

Annotations:

  • Offeror is declared insane
7.1.1.4 Legality

Annotations:

  • Illegal contracts
7.1.1.5 Mentally Incapacitated

Annotations:

  • Doesn't understand there contractual actions
7.1.1.5.1 Unilateral Mistake

Annotations:

  • An error on the part of one person
7.1.2 Genuine Agreement

Annotations:

  • Valid offer and valid acceptance
7.1.3 Past Performance

Annotations:

  • An act that has already been performed
7.1.4 Price Fixing

Annotations:

  • Agreeing on certain price ranges
7.1.4.1 Rejection

Annotations:

  • Refusal by the offeree
7.1.4.2 Restrictive Covenant

Annotations:

  • Agreement not to compete in a region for a period of time
7.1.4.2.1 Revocation

Annotations:

  • Taking back an offer
7.1.4.2.1.1 Unsury

Annotations:

  • Charging to high of an interest rate
7.1.4.2.1.1.1 Valid Contract

Annotations:

  • Includes all elements recognized by the courts
7.1.4.2.2 Statute of Frauds

Annotations:

  • Certain contracts have to be in writing to be enforceable
7.1.4.3 Unenforceable contract

Annotations:

  • A contract a court will not uphold
8 Mirror Image Rule

Annotations:

  • Terms of acceptance must match exactly with the terms of the offer
9 Mutual Mistake

Annotations:

  • Both parties are mistaken about an important fact
9.1 Option

Annotations:

  • Choices to choose from
9.1.1 Oral

Annotations:

  • Created by 2 or more people speaking to each other
9.2 Unilateral

Annotations:

  • Contains a promise by only one person
9.3 Written

Annotations:

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

Annotations:

  • Token amount in a written contract where either the parties cannot or do not wish to state the amount
11 Voidable Contract

Annotations:

  • 1 or more parties can get out of a contract for some legal reason
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