key terms to contracts

offeree
Annotations:
- offer made to the person
offeror
Annotations:
- makes the offer
Oral
Annotations:
- created by two or more people speaking to each other
death
Annotations:
- offeror dies
Rejection
Annotations:
- refusal by offeree
Legality
Annotations:
- illegal contracts
mutual mistake
Annotations:
- Both parties are mistaken about an important fact
Express
Annotations:
- contract statement that may be written or oral
noncriminal consideration
Annotations:
- token amount in a written contract where either parties cant or do not wish to state the amount
option
Annotations:
- the offeree gives the offeror something in value in return for a promise
Economic Duress
Annotations:
- threats to a persons business and income
past performance
Annotations:
- act that has already been performed cant be consideration in a contract
Restrictive covenant
Annotations:
- agreement not to complete in a region for a period of time
benefits
Annotations:
- something that a party was not previously entitled to receive
bilateral
Annotations:
- contains two promises
Emancipation
Annotations:
- serving of the parent child relationship

Resource summary

	Created by jaelyntotten295370 over 9 years ago