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Contract Law
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Contract Law
Accpetance
- Unqualified Willingness by the offeree to go along with the offer
Benefits
- Something that a party was not previously entitled to receive
Bilateral
- Contains two promises
Consideration
- Exchange of benefits and detriments by the parties to an agreements
Capacity
- Legal ability to start a contract
Death
- Offeror dies
Detriments
- Anything lost or given up
Duress
- Overcoming someones freewill by use of force or by threat of force
Economic Duress
- Threats to a person's business or income
Express
- Contract statemen that may be written or oral
Emancipation
- Severing of the parent child-relationship
Firm Offer
- A written offer for goods that states the period of time during which the offer will stay open
Forbearance
- Not doing something that you have the right to do
Fraudulent Mispreresentation
- Party to a contract deliberately makes an untrue statement of fact
Implied
- Contract that comes about from the actions of a party
Illusory Promises
- Clause or wording that allows party to escape from legal obligation
Genuine Agreement (Assent)
- A valid offer has been made by the offeror, and a valid acceptance has been exercised by the offeree
Insanity
- Offeror is declared insane
Legality
- Illegal contracts
Mentally Incapacitated
- Lacking the ability to understand the consequences of his or her contractual acts
Mirror Image Rule
- Terms of the acceptance must match exactly (mirror) the terms of the offer
Mutual mistake (Bilateral Mistake)
- Both parties are mistaken about an important fact
Offer
- Proposal by one party to another in a written contract where either parties cannot or do not wish to state the amount
Nominal Consideration
- Token amount in a written contract where either the parties cannot or do not wish to state the amount
Offeree
- Offer made to this person
Offeror
- Makes the offer
Option
- The offeree gives the offeror something of value in return for a promise to keep the offer open for a set period of time
Oral
- Created by two or more people speaking to eachother
Rejection
- Refusal by the offeree
Price Fixing
- Competitors agree on certain price rangers within which they will sell their products
Restrictive Covenant
- Agreement not to compete in a region for a set period of time
Past Peformance
- An act that has already been peformed cannot be consideration in a contract
Revocation
- Taking back of an offer
Statue of frauds
- Requires that certain contracts be in writing to be enforced
Unconscionable
- So grossly unfair or oppressive that it would shock the conscience of the court
Undue Influence
- Unfair and improper pressure within a relationship of turst
Unenforceable Contract
- Contract that court will uphold, usually because of some rule of law