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2.01
contract law
| Term | Definition |
|---|---|
| Acceptance | unqualified willingness by the offeree to go along with the offer |
| Benefits | something that a party was not previously entitled to receive |
| Bilateral | offer accepted by offeree though communication of the promise to the offeror, requirements are a promise to preform, not performance itself, majority of offers |
| Capacity | legal ability to enter into a contract minors, mentally incapacitated, intoxicated |
| Consideration | exchange of benefits and detriments by the parties to an agreement |
| Death | offer dies |
| Detriments | any loss suffered, anything given up |
| Duress | overcoming a persons free will be use of force or by threat of force or bodily harm. |
| Economic Duress | threats to a person's business or income |
| Emancipation | severing of the parent-child relationship |
| Express | Contract statement that may be written or oral |
| 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 Misrepresentation | party to a contract deliberately makes an untrue statement of fact |
| Genuine Agreement | a valid offer has been made by the offeror, and a valid acceptance has been exercised by the offeree |
| Illusory Promise | Clause or wording that allows party to escape from legal obligation |
| Implied | Contract that comes about from the actions of the parties |
| Insanity | offer is declared insane |
| Legality | element if a contract |
| Mentally Incapacitated | lacking the ability to understand the consequences or his or her contractual acts, mental illness, senility |
| Mirror image Rule | term of acceptance must match exactly the terms of the offer and any changes means there is no acceptance |
| Mutual Mistake (Bilateral Mistake) | both parties are mistaken about an important fact |
| Nominal Consideration | Token amount in a written contract where either the parties cannot or do not wish to state the amount |
| Offer | Proposal by one party to another with intent to create a legal binding agreement |
| 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 each other |
| Past Performance | An act that has already been performed cannot be consideration in a contract |
| Price Fixing | competitors agree on certain price ranges within which they will sell their products |
| Rejection | refusal by the offeree |
| Restrictive Covenant | agreement not to compete in a region for a period of time |
| Unilateral | offeror promises something in return for offeree's performance and indicates that performance represents acceptance |
| Unilateral Mistake | an error on the part of one of the parties |
| Usury | charging too high of an interest rate |
| Valid Contract | includes all elements recognised by the courts, legally binding |
| Void contract | without legal effect, missing one or more elements |
| Voidable Contract | One or more parties can get out of contract for some legal reason, lacks genuine assent |
| Written | contract terms are written so that both parties know the exact terms,Provides proof of existence for the contract, Certain contract are required by the Statute of Frauds to be in writing |
Created by:
Snholene
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