Key terms to Contracts

alyssaimani35
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alyssaimani35
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Key terms to Contracts
1 Acceptance

Annotations:

  • willingness by offeree to go with offer
1.1 Benefits

Annotations:

  • something that a party wasn't entitled to receive 
1.1.1 Bilateral

Annotations:

  • two promises
1.1.1.1 Capacity

Annotations:

  • legal ability to enter into a contract
1.1.1.1.1 Consideration

Annotations:

  • exchange of benefits & detriments by the parties to an agreements
1.1.1.1.1.1 Counteroffer

Annotations:

  • any changes in the terms of the offer
1.1.1.1.1.1.1 Death

Annotations:

  • offeror died
1.1.1.1.1.1.1.1 Detriments

Annotations:

  • any loss suffered
1.1.1.1.1.1.1.1.1 Durees

Annotations:

  • overcoming a person's fee will by use of force or by threat of force or bodily harm
1.1.1.1.1.1.1.1.1.1 Economic Duress

Annotations:

  • threats to a person's business or income
1.1.1.1.1.1.1.1.1.1.1 Emancipation

Annotations:

  • serving of the parents-child relationship
1.1.1.1.1.1.1.1.1.1.1.1 Express

Annotations:

  • contact statement that may be written or oral
1.1.1.1.1.1.1.1.1.1.1.1.1 Firm Offer

Annotations:

  • written offer for good that state the period of time during which the offer stays open 
1.1.1.1.1.1.1.1.1.1.1.1.1.1 Forbearance

Annotations:

  • not doing something that you have the right to do
1.1.1.1.1.1.1.1.1.1.1.1.1.1.1 Fraudulent Misrepresentation

Annotations:

  • party to a contact deliberately makes an untrue statement of face
1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1 Genuine Agreement

Annotations:

  • valid offer has been made by the offeror and a valid acceptance has been exercised by the offeree 
1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1 Illusory Promises

Annotations:

  • clause or wording that allows party to escape from a legal obligation
1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1 Implied

Annotations:

  • contract that comes from the actions of the parties
1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1 Insanity

Annotations:

  • offeror is declared insane 
1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1 Legality

Annotations:

  • illegal contracts
1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1 Mentally Incapacitated

Annotations:

  • lacking the ability to understand consequences of contractual actions 
1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1 Mirror Image Rule

Annotations:

  • terms of acceptance must match exactly the terms of the offer
1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1 Mutual Mistake

Annotations:

  • both parties mistaken about an important fact
1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1 Nominal Consideration

Annotations:

  • token amount in a written contract where either the parties can't or do not wish to state the amount
1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1 Offer

Annotations:

  • proposal by 1 party to another with intent to create a legal binding agreement
1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1 Offeree

Annotations:

  • who the offer is made to
1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1 Offeror

Annotations:

  • makes the offer
1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1 Option

Annotations:

  • the offeree gives the offeror something of value in return for a promise to keep offer open for period of time
1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1 Oral

Annotations:

  • created by 2 or more people speaking to each other
1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1 Past Performance

Annotations:

  • act that has already been performed can't be consideration in a contract
1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1 Price Fixing

Annotations:

  • competitors agree on certain price ranges within which they will sell their products
1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1 Rejection

Annotations:

  • refusal by offeree
1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1 Restrictive Covenant

Annotations:

  • agreement not to compete in a region for a period of time
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