Key Terms of Contract Laws

Key Terms of Contract Laws

1. Acceptance

   • Unqualified by the offeree

2. Benefits

   • Something that wasn't going to be entitled to you

3. Bilateral

   • Two Promises

4. Capacity

   • Legal ability to enter into a contract

5. Consideration

   • Benefits to an agreement

6. Counteroffer

   • Any change in the offer

7. Death

   • DEADER THAN DEAD!!!

8. Detriments

   • Any loss

9. Duress

   • Overcoming a person by force

10. Economic Duress

    • Threats to persons business

11. Emancipation

    • Parent-child relationship

12. Express

    • Contract statement  that may be written

13. Firm offer

    • A written offer

14. Forbearance

    • Not doing something that you have a right to do

15. Fraudulent Misreoresentation

    • Party to a contract makes a false statement

16. Genuine Agreement

    • A valid offer has been made by the offeror

17. Illusory Promises

    • Allows escape from legal obligation

18. Implied

    • Contract that comes about from the actions

19. Insanity

    • Offeror is crazy!

20. Legality

    • Illegal Contracts

21. Mentally Incapacitated

    • Lacking the ability to understand

22. Mirror Image Rule

    •  Must match exactly

23. Mutual Mistual

    • Both parties make a mistake

24. Normal Consideration

    • Parties do not want to state the amount

25. Offer

    • Proposal from one person to another

26. Offeree

    • The one who receives a offer

27. Offeror

    • Makes the offer

28. Option

    • Offer open for a period of time

29. Oral

    • Created by two or more people

30. Past Performance

    • An act already performed

31. Price Fixing

    • Competitors agree on certain price ranges

32. Rejection

    • Refusal by the offeree

33. Restrictive Covenant

    • Agreement not to complete in a region for a certain time

34. Revocation

    • Taking back a offer

35. Statute of Frauds

    • Requires contracts to be written and there enforceable

36. Unconscionable

    • So grossly unfair

37. Undue Influence

    • Unfair and improper

38. Unenforceable Contract

    • Contract that court will not uphold

39. Unlateral

    • Promise by only one person to do something

40. Unilateral Mistake

    • An error

41. Usury

    • Charging too high of an interest rate

42. Valid Contract

    • Includes all elements by courts

43. Void Contract

    • Without legal effect

44. Voidable Contract

    • One or more parties can get out of contract

45. Written

    • Contact terms are written