Contract Law

Contract Law

1. Acceptence

   • agreement to the offer

2. Benefits

   • something that someone gains with a positive effect

3. Bilateral

   • two sides

4. Capacity

   • Enter a contract legally

5. Consideration

   • Exchanging benefits for a agreement

6. Counteroffer

   • to answer an offer with another offer

7. Death

   • Offeror dies

8. Detriments

   • anything given up

9. Duress

   • Overcoming a persons free will with threats

10. Economic Duress

    • Threats to a persons business or income

11. Emancipation

    • severing a parent-child relationship

12. Express

    • Contract statement

13. Firm Offer

    • a written offer for goods with a timer

14. Forbearance

    • Not doing something that you have the right to do

15. Fraudulent Misrepresentation

    • Party deliberately makes a untrue statement

16. Genuine Agreement

    • Valid offer a valid acceptence

17. Illusory Promises

    • clause that allows a party to escape from legal obligation

18. Implied

    • Contract that comes from the actions of a party

19. Insanity

    • Offeror is declared insane 

20. Legality

    • Illegal Contracts

21. Mentally Incapacitated

    • Lacking ability to understand the consequences of his actions

22. Mirror Image Rule

    • Terms of acceptance must exactly match the terms of the offer

23. Bilateral Mistake

    • Both sides messed up

24. Nominal Consideration

    • a hidden token amount in the contract

25. Offer

    • A proposal from one party to another

26. Offeree

    • Person receiving an offer

27. Offeror

    • Made the offer

28. Oral

    • created by more than one person speaking to each other

29. Option

    • gives something to put the offer on hold 

30. Past Performance

    • An act that has already been performed cannot be consideration in a contract

31. Price Fixing

    • Competitors agree on price ranges

32. Restrictive Covenant

    • Agreement not to compete in a region  for a limited time

33. Rejection

    • Offer is declined

34. Revocation

    • Taking back an offer

35. Statute of Fruads

    • Requires that certain contracts be in writing

36. Unconscionable

    • So grossly unfair that it would shock the court conscience

37. Unenforceable contract

    • contract the court will not uphold

38. Undue Influence

    • Unfair persuasive pressure within a relationship of trust

39. Unilateral

    • promise by one person when  the other performs a act

40. Usury

    • interest rate is too high

41. Unilateral Mistake

    • one persons error

42. Valid Contract

    • recognized by the court

43. Void Contract

    • without legal effect

44. Voidable contract

    • one party can get out of contract for legal reason

45. Written

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