Logan Slade

Logan Slade

1. Acceptance- Unqualified willingness by the offeree to go along with the offer

2. Benefits- Something that a party was not previously entitled to recieve

3. Bilateral- Contains two promises

4. Capacity- Legal ability to enter a contract

5. Consideration- Exchange of benefits and detriments by the parties to an agreement

6. Counteroffer- Any change in the terms of the offer

7. Death

   • Offeror dies

8. Detriments

   • Any loss suffered

9. Duress

   • Overcoming a persons free will by use of force

10. Economic Duress

    • Threats to a persons business or income

11. Emancipation

    • serving of the parent-child relationship

12. Express

    • Contract statement that may be written or oral

13. Firm offer

    • A written offer

14. Forbearance

    • Not doing something that you have the right to do

15. Fraudulent misrepresentation

    • Party to contract makes an untrue statement

16. Genuine agreement

    • A valid agreement

17. Illusory Promises

    • Clause or wording that allows party to escape from legal obligation

18. Implied

    • Contract that comes from actions of offeror

19. Insanity

    • Offeror is insane

20. Legality

    • illegal contracts

21. Mentally incapacitated

    • not mentally able to coroporate

22. Mirror image rule

    • terms must match

23. Mutual mistake

    • both parties mistaken about an important fact

24. Nominal consideration

    • Token amount in a written contract where either parties cannot or do not wish to state the amount

25. Offer

    • proposal from one party to another

26. Offeree

    • Offer made to this person

27. Offeror

    • makes the offer

28. Option

    • the offeree gives the offeror something of value in return for a promise to keep the offer

29. Oral

    • created by 2 or more people speaking to each other

30. Past Performance

    • act has aready been performed and cannot be considered in a contract

31. Price fixing

    • Competitors agree on certain price ranges within which they will sell their products

32. Rejection

    • refusal of offer

33. Restrictive covenant

    • Agreement not to compete in a region for a period of time

34. Revocation

    • Taking back an offer

35. Statute of frauds

    • Requires that certain contracts be in writing to be enforceable

36. Unconscionable

    • So grossly unfair or oppressive that it would shock the conscience of the court

37. Undue influence

    • Unfair and improper persuasive pressure within a relationship of trust

38. Unenforceable contract

    • contract that court will not uphold usually because of some rule of law

39. Unilateral

    • contains a promise by only one person to do something if, and when, the other party performs a certain act

40. Unilateral mistake

    • Am error on the part of one of the parties

41. Usury

    • changing too high of an interest rate 

42. Valid contract

    • Includes all elements recognized by the courts

43. Void contract

    • Without legal effect

44. Voidable contract

    • One or more parties can get out of contract for some legal reason

45. Written

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