Contracts Key Terms

Resource summary

Contracts Key Terms
  1. Acceptance

    Annotations:

    • Unqualified willingness by the offeree to go along with the offer
    1. Benefits

      Annotations:

      • something that someone was not previously entitled to receive
      1. Bilateral

        Annotations:

        • contains two promises
        1. Detriments

          Annotations:

          • any loss suffered; anything given up
          1. Implied

            Annotations:

            • Contract that comes about from the actions of the parties
          2. Death

            Annotations:

            • offeror dies
          3. Capacity

            Annotations:

            • legal ability to enter into a contract
            1. Consideration

              Annotations:

              • exchange of benefits and detriments to an agreements
            2. Counteroffer

              Annotations:

              • any change in the terms of the offer 
            3. Duress

              Annotations:

              • going against a person's free will by force, threat, or harm to a person
              1. Economic Duress

                Annotations:

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

                  Annotations:

                  • a written offer for goods that states the period of time during which the offer will stay open
                  1. Mutual Mistake

                    Annotations:

                    • both parties are mistaken about an important fact
                  2. Mirror Image Rule

                    Annotations:

                    • acceptance match terms of offer
                  3. Mentally Incapacity

                    Annotations:

                    • lacking the ability to understand the consequences of his or her contractual acts
                  4. Emancipation

                    Annotations:

                    • severing of parent child relationship 
                    1. Express

                      Annotations:

                      • contract statement that may be written or verbal
                      1. Illusory Promises

                        Annotations:

                        • clause or wording that allows party to escape from legal obligation
                      2. Insanity

                        Annotations:

                        • Offeror is declared insane
                      3. Forbearance

                        Annotations:

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

                          Annotations:

                          • person under contract makes false statement of fact
                          1. Genuine Agreement

                            Annotations:

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

                              Annotations:

                              • illegal contracts
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