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Contract Law Key Terms
Mind map: Contract law key terms
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Contract Law Key Terms
Acceptance
- Willingness by the offeree to go along with the offer
Benefits
- Something you recieve
Bilateral
- Two promises
Capacity
- Legal ability to enter into a contract
Consideration
- Exchange of benefits and detriments
Counteroffer
- Change in offer
Death
- Offeror dies
Detriments
- Loss suffered
Duress
- Overcoming a person free will by force
Economic Duress
- Threats to a person's business or income
Emancipation
- Severing of the parent- child relatioship
Express
- Contract written or oral
Firm offer
- Written offer for goods. States how long offer stay open
Forberance
- Don't have the right to do something
Fraudulent Misrepresentation
- Untrue statement of fact
Genuine Agreement
- Valid offer
Illusory Promises
- Wording that allow party to escape legal obligation
Implied
- Contract comes from action of party
Insanity
- offeror is insane
Legality
- Illegal Contracts
Mentally Incapacitates
- Lacking ability to understand consequences
Mirror image Ruke
- Terms acceptance match terms of offer
Mutual mistake
- Both parties mistaken about important fact
Nominal Consideration
- Token amount in a contract where parties do not want to state the amount or cannot state it
Offer
- Proposal with intent to create a legal binding agreement
Offeree
- Offer made to this person
Offeror
- Makes offer
Option
- Offeree gives offeror something in value in return for a promise to keep offer open
Oral
- Speaking
Past performance
- Act already been performed. Not in consideration
Price fixing
- Competitors agree on certain price
Rejection
- Offeree refuses
Restrictive covenant
- Agreement can't be in region for a period of time
Revocation
- Taking back on an offer by offeror
Statue of Frauds
- Requires that certain contracts be in writing to be enforceable
Unconacionable
- SO grossly unfair or oppressive
Undue Influence
- Unfair and improper persuasive pressure within a relationship of trust
Unenforceable contract
- Contract that court will not uphold
Unilateral
- Contains a promise by only one person
Unilateral Mistake
- Error on the part of one of the parties
Usury
- Charging too high of an interest rate
Valid contract
- Includes all elements recognized by the courts
Void Contract
- Without legal effect
Voidable contact
- One or more parties can get out of contract for some legal reason
Written
- Contract terms are written so that both parties know the exact terms