Contract Law Key Terms

maia.alexis
Mind Map by maia.alexis, updated more than 1 year ago
maia.alexis
Created by maia.alexis almost 5 years ago
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This is my contract law key terms mind map.
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Contract Law Key Terms
1 Accepteance

Annotations:

  • When the offeree accepts the offer.
1.1 Bilateral

Annotations:

  • Two promises.
1.1.1 Benefits

Annotations:

  • something the party wasn't expected to recieve
1.1.1.1 Detriments

Annotations:

  • any loss or dealing with giving up
1.2 Mutual Mistake

Annotations:

  • both parties are mistaken about an important fact
1.2.1 Offer

Annotations:

  • proposal of one party to another to create a legal binding agreement
1.2.1.1 Price fixing

Annotations:

  • when a competitor agrees to a certain price range to sell their products
2 Capacity

Annotations:

  • Ability to enter a contract.
2.1 Consideration

Annotations:

  • trading of benefits and detriment by the party to come to an agreement.
2.1.1 Counteroffer

Annotations:

  • any changes in the offer.
2.1.1.1 Death

Annotations:

  • the offeror dies.
2.1.2 Oral

Annotations:

  • created by two or more people talking to one anoter
2.1.2.1 Rejection

Annotations:

  • refusal by the offeree
2.2 Restrictive covenant

Annotations:

  • agreement not to compete in a region for a certain time
3 Duress

Annotations:

  • overcoming a persons free will by the use of any type of force
3.1 Economic Duress

Annotations:

  • a threat to a persons income or busisness
3.1.1 Emancipation

Annotations:

  • the serving of a parent-child relationship
3.1.1.1 Firm offer

Annotations:

  • a written offer that states when a offer will stay open
3.1.1.1.1 Forbearance

Annotations:

  • not doing something you have the right to do
3.1.2 Past Performance

Annotations:

  • something that has already happened and cant be considered in a contract
3.2 Express

Annotations:

  • a contract statement thats written or oral
3.3 Fraudulent Misrepresentation

Annotations:

  • a party to a contract that makes an untrue statement
3.3.1 Offeree

Annotations:

  • who the offer is made to
3.4 Genuine agreement (assent)

Annotations:

  • a valid offeror that a offeree accepts
4 Illusory promises

Annotations:

  • a clause or warning that allows the party to escape from legal obligation
4.1 Implied

Annotations:

  • a contract that is made by the actions of a party
4.1.1 Insanity

Annotations:

  • when the offeror is declared insane
4.1.1.1 Legality

Annotations:

  • illegal contracts
4.1.1.1.1 Mentally Incapaitated

Annotations:

  • lacking the understanding of of consequences of his or her own contractual actions.
4.1.1.1.2 Offeror

Annotations:

  • one who makes the offer
4.1.1.1.2.1 Option

Annotations:

  • the offeree gives something in value to promise to keep the offer open for a certain period of time
4.1.1.2 Mirror image rule

Annotations:

  • where the terms of acceptance and offer match
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