Mapa mental
Contract Law Key Terms
Mind map: Contract law key terms
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Contract Law Key Terms
Elements of Contract Law
- Offer
- One party's proposal
- Acceptance
- one part's acceptance
- Genuine Agreement
- when both partyies agree
- Consideration
- exchange of benefits and detriments communicated between the parties
- Capacity
- legal ability to enter into a contract
- Legality
- the "legalness" of contracts
- Offer
Termination Requirements/Types
- Revocation
- when offeror takes back offer
- Rejection
- when offeree turns down offer
- Counter Offer
- when offeree follows up with an offer
- Death
- someone dies
- Insanity
- when someone is not mentally able to fulfill their end of the contract
- Expiration of Time
- when offeror doesn't meet deadlines
- Destruction of Subject Matter
- object at hand is damaged or destroyed
- Revocation
Types of Contracts
- Valid Contract
- contract that has all aspects to be legal
- Void Contract
- contracts without legal affect
- Voidable Contract
- contract that CAN be voided due to legal reasons
- Unenforceable Contract
- Contract that will not uphold in court, usually over legal reasons
- Valid Contract
General Terms
- Implied
- contract that comes about based on actions of the parties
- Mentally Incapacitated
- mentally unable to understand and agree to terms
- Mirror Image Rule
- when offer matches terms
- Mutual Mistake
- both parties are mistaken about an important fact
- Nominal Consideration
- token amount in a written statement that both parties do not wish to express.
- Offeree
- has offer made to them
- Offeror
- makes offer
- Option
- similar to a deposit
- Oral
- created by people speaking to each other
- Past Performance
- act already performed that cant be considered in the contract
- Price Fixing
- competitors agree on price range in which they will sell their products
- Restrictive Covenant
- competitors agree to not compete during a certain period of time or in a certain area.
- Undue Influence
- unfair and improper persuassive pressure within a relationship of trust
- Unilateral
- contains promise from one party to do something only if an act is performed by other party
- Usury
- charging too high of an interest rate
- Implied
General Terms
- Benefits
- something a party wasn't previously entitled to receive
- Bilateral
- contains two parties and agreements
- Detriments
- losses suffered or item(s) given up
- Duress
- overcoming a persons free will by force, fear or threat
- Economic Duress
- threats to a persons business or income
- Emancipation
- severing a parent child relationship
- Express
- contract statement shared (oral or written)
- 'Firm Offer
- written offer for goods that states that the offer will be open for a period of time
- Forebearance
- not doing something you have the right to do
- Fraudulent Misinterpretation
- party involved in contract deliberately makes an untrue statement or fact
- Illusory Promises
- clause or wording that allows a party to escape from legal obligation
- Statute of Frauds
- requires that certain contracts be in writing in order to be enforceable.
- Unconscionsble
- something so grossly unfair that it would shock the court
- Unilateral Mistake
- an error made only by one party
- Written
- contract terms that are written so that both parties are clear of what the terms are
- Benefits
Informações
- Descrição
- This is a mind map that I created to make study the different aspects of contract law easy.
- Criado por
- jdavisbyhs
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