key terms to contracts

key terms to contracts

1. offeree

   • offer made to the person

2. offeror

   • makes the offer

3. Oral

   • created by two or more people speaking to each other

4. death

   • offeror dies

5. Rejection

   • refusal by offeree

6. Legality

   • illegal contracts

7. mutual mistake

   • Both parties are mistaken about an important fact

8. Express

   • contract statement that may be written or oral

9. noncriminal consideration

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

10. option

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

11. Economic Duress

    • threats to a persons business and income

12. past performance

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

13. Restrictive covenant

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

14. benefits

    • something that a party was not previously entitled to receive

15. bilateral

    • contains two promises

16. Emancipation

    • serving of the parent child relationship