Contracts1

Contracts1

1. Acceptance

   • unqualified unwilling by the offeree to with the offer
   • Benefits
     • Bilateral
       • two promises
       • Capacity
         • legal ability to enter into a contract
         • Consideration
           • exchange of benefits and detriments by the parties to an agreement
           • Counteroffer
             • change in terms of the offer
             • Death
               • offeror dies 
               • Detriments
                 • loss suffered ; given up
                 • Duress
                   • a person's free will force or threat of force or bodily harm
                   • Economic Duress
                     • threats to a person's business or income
                     • Emanicipation
                       • parent child relationships
                       • Express
                         • contract statement that may be written oral 
                         • Firm Offer
                           •  a written goods for a period of time stays open
                           • Forbearance
                             • not doing something that you have to the right to do 
   • Fraudulent Misrepresentation
     • untrue statement fact to a party contract
     • Genuine Agreement
       • a valid offer made by offeror  a valid  acceptance
       • Illusory Promises
         • clause or word escape from legal obligation
         • Implied
           • contract that comes about from the actions of the parties 
           • Insanity
             • offeror is declared insane
             • Legality
               • illegal contracts
               • Mentally Incapacitated
                 • lack the abilities of his or he contractual acts
                 • Mirror Image Rule
                   • terms acceptance must match the terms of the offer
                   • Mutual Mistake Bilateral
                     • both parties are mistaken about a fact
                     • Nominal Consideration
                       • token amount in a contract where the parties cannot state the amount
                       • Offer
                         • intent to a legal binding agreement
                         • Offeree
                           • offer made to this person
                           • Offeror
                             • makes the offer
     • Option
       • offeree gives the offeror something in value for a promise keep offer open period of time
       • Oral
         • two or more people speaking
         • Past Performance
           • act already been performed cannot be considers as a contract
           • Price Fixing
             • competitors agree on a price range then sell their products
             • Rejection
               • refusal by the offeree
               • Restrictive covenant
                 • agreement not compete in a region for a period of time
                 • Revocation
                   • taking back of an offer by offeror
                   • Statute of Frauds
                     • requires certain contracts to be writing enforceable 
                     • Unconscionable
                       • grossly unfair or oppressive shock the conscience of court
                       • Undue Influence
                         • unfair and improper pressure of trust
                         • Unenforceable Contract
                           • contract court will not uphold 
                           • Unilateral
                             • a promise by only one person the other party performs it
                             • Unilateral Mistake
                               • error on the part of the parties
       • Usury
         • charging too high of an interest rate
         • Valid contract
           • all elements recognized by the courts
           • Void Contract
             • without legal effect
             • Voidable Contract
               • one or more parties can get out of a contract for legal reason
               • Written
                 • contract terms so both parties know the terms