key terms to contracts

jaelyntotten295370
Mind Map by jaelyntotten295370, updated more than 1 year ago
jaelyntotten295370
Created by jaelyntotten295370 almost 5 years ago
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Resource summary

key terms to contracts
1 offeree

Annotations:

  • offer made to the person
2 offeror

Annotations:

  • makes the offer
3 Oral

Annotations:

  • created by two or more people speaking to each other
4 death

Annotations:

  • offeror dies
5 Rejection

Annotations:

  • refusal by offeree
6 Legality

Annotations:

  • illegal contracts
7 mutual mistake

Annotations:

  • Both parties are mistaken about an important fact
8 Express

Annotations:

  • contract statement that may be written or oral
9 noncriminal consideration

Annotations:

  • token amount in a written contract where either parties cant or do not wish to state the amount
10 option

Annotations:

  • the offeree gives the offeror something in value in return for a promise
11 Economic Duress

Annotations:

  • threats to a persons business and income
12 past performance

Annotations:

  • act that has already been performed cant be consideration in a contract
13 Restrictive covenant

Annotations:

  • agreement not to complete in a region for a period of time
14 benefits

Annotations:

  • something that a party was not previously entitled to receive
15 bilateral

Annotations:

  • contains two promises
16 Emancipation

Annotations:

  • serving of the parent child relationship
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