Contract Law

Contract Law

1. Acceptance

   • when the offeree goes along with the offer

2. benefits

   • something that someone wasn't entitled to recieve

3. bilateral

   • two promises

4. capacity

   • entering into a contract legally

5. consideration

   • when two parties exchange benefits

6. counteroffer

   •   a change in the terms of the offer

7. death

   • offeror dies

8. detriments

   • a loss suffered or something given up

9. duress

   • overcoming a person's free will using force or bodily harm

10. economic duress

    • threat to a person's business or income

11. emancipation

    • severing of the parent-child relationship

12. express

    • contract statement written or oral

13. firm offer

    • a written offer for goods states the period of time when the offer will stay open

14. forbearance

    • not doing something you have the right to do

15. fraudulent misrep

    • when a party to a contract purposely makes an untrue statement of fact

16. genuine agreement

    • a valid offer made of offeror a vaild acceptance made by offeree

17. illusory promises

    • clause for wording that allows party to escape from legal obligation

18. implied

    • contract that comes about from the action of parties

19. insanity

    • offer is declared insane

20. legality

21. mentally incapacitated

    • lacking to understand the consequences of his or her contractual acts

22. mirror image rule

    • terms of the acceptance must match exactly (mirror) the terms of the offer

23. mutual mistake

    • both parties are mistaken about an important fact

24. nominal consideration

    • token amount in a written contract where either of the parties cannot or do not wish to state the amount

25. offer

    • proposal by one party with intent to create a binding legal agreement

26. offeree

    • the one being made the offer

27. offeror

    • the one making the offer

28. option

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

29. oral

    • created by two or more people speaking to each other

30. past performance

    • an act that has already happened cannot be considered in an contract

31. price fixing

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

32. rejection

    • refusal by the offeree

33. restrictive covenant

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

34. revocation

    • taking back of an offer by offeror

35. statute of frauds

    • requires that certain contracts be in writing to be enforceable 

36. unconscionable

    • so grossly unfair or oppressive it would shock the conscience of the court

37. undue influence

    • unfair and improper persuasive pressure pressure within a relationship of law

38. unenforceable contract

    • contract that court will not uphold, usually because of some rule of law

39. unilateral

    • contains a promise by only one person to do something if and when the other party performs a certain act

40. unilateral mistake

    • an error on the part of one of the parties 

41. usury

    • charging too high of an interest rate

42. valid contract

    • includes all elements recognized by the courts

43. void contract

    • without legal effect

44. voidable contract

    • one or more parties can get out of contract for some legal reason

45. written

    • contract terms are written so that both parties know the exact terms