Key terms to Contracts

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alyssaimani35
Mind Map by alyssaimani35, updated more than 1 year ago
alyssaimani35
Created by alyssaimani35 about 9 years ago
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Resource summary

Key terms to Contracts
  1. Acceptance

    Annotations:

    • willingness by offeree to go with offer
    1. Benefits

      Annotations:

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

        Annotations:

        • two promises
        1. Capacity

          Annotations:

          • legal ability to enter into a contract
          1. Consideration

            Annotations:

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

              Annotations:

              • any changes in the terms of the offer
              1. Death

                Annotations:

                • offeror died
                1. Detriments

                  Annotations:

                  • any loss suffered
                  1. Durees

                    Annotations:

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

                      Annotations:

                      • threats to a person's business or income
                      1. Emancipation

                        Annotations:

                        • serving of the parents-child relationship
                        1. Express

                          Annotations:

                          • contact statement that may be written or oral
                          1. Firm Offer

                            Annotations:

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

                              Annotations:

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

                                Annotations:

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

                                  Annotations:

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

                                    Annotations:

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

                                      Annotations:

                                      • contract that comes from the actions of the parties
                                      1. Insanity

                                        Annotations:

                                        • offeror is declared insane 
                                        1. Legality

                                          Annotations:

                                          • illegal contracts
                                          1. Mentally Incapacitated

                                            Annotations:

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

                                              Annotations:

                                              • terms of acceptance must match exactly the terms of the offer
                                              1. Mutual Mistake

                                                Annotations:

                                                • both parties mistaken about an important fact
                                                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. Offer

                                                    Annotations:

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

                                                      Annotations:

                                                      • who the offer is made to
                                                      1. Offeror

                                                        Annotations:

                                                        • makes the offer
                                                        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. Oral

                                                            Annotations:

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

                                                              Annotations:

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

                                                                Annotations:

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

                                                                  Annotations:

                                                                  • refusal by offeree
                                                                  1. Restrictive Covenant

                                                                    Annotations:

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