Mapa mental
Key Terms
Mind map: Contract law key terms
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Key Terms
acceptance
- offeree to go along with the offer
benefits
- it is a party that was not previously entitles to receive
bilateral
- contains two promises
capacity
- legal ability to enter a contract
consideration
- exchange of benefits by the parties to an agreements
counteroffer
- any change in the terms of the offer
death
- offeror dies
detriments
- any loss suffered given up
duress
- overcoming a persons free will by use of force or threat
economic duress
- threats to a persons business or income
emancipation
- parent and child relationship
express
- contract that may be written or oral
firm offer
- a written offer for goods during a period of time and it will stay open
forbearance
- not doing something that you can do
fraudulent misrepresentation
- party to a contract which makes an untrue fact
genuine agreement
- a valid offer that has been made by the offeror
illusory promises
- clause or wording that allows party to escape
implied
- contract that comes from the action of parties
insanity
- offeror is insane
legality
- legal contracts
mentally incapacitated
- lacking the ability to understand the consequences of the contact acts
mirror image rule
- terms of the acceptance must match exactly
mutual mistake
- both parties are mistaken about facts
nominal consideration
- token amount in a written contract where either the parties cannot or do not wish
offer
- legal binding agreement
offeree
- offer made to this person
offeror
- makes a offer
option
- the offeree gives the offeror something of value in return for a promise
oral
- created by two or more people
past performance
- an act that has already been performed
price fixing
- agree on certain price ranges
rejection
- refusal by the offeree
restrictive covenant
- agreement not to compete in a region for a period of time
revocation
- take back of an offer
statute of frauds
- contracts be written to be enforceable
unconsicionable
- unfair that it would shock the court
undue influence
- unfair and pressure within a relationship of trust
unenforceable contract
- contact that a court will not uphold because of some rules of law
unilateral
- contains a promise by only one person
unilateral mistake
- an error on the part of one of the parties
usury
- changing too high of an interest rate
valid contract
- includes all elements recognized by courts
void contact
- no legal effect
voidable contract
- one or more party that can get out of a contract by legal reasons
written
- contract items are written