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2.01 contract law

QuestionAnswer
Acceptance 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
Capacity Legal ability to enter into a contract.
Consideration Exchange of benefits and detriments by the parties to an agreement.
Counteroffer any change in the terms of the offer
Death offeror dies
Detriments anything given up
Duress Overcoming a person's free will by use of force or by threat of 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 (Assent) a valid offer has been made by the offeror
Illusory Promises Clause or wording that allows party to escape from legal obligation.
Implied contract that comes about from the actions of the parties
Insanity Offeror is declared insane.
Legality NOT illegal
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
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 is 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 see their product
Rejection refusal by the offeree
Restrictive covenant agreement not to compete in a region for a period of time
Revocation taking back of an offer by the offeror
Statute of Frauds Requires that certain contracts be in writing to be enforceable.
Unconscionable So grossly unfair or oppressive that it would shock the conscience of the court.
Undue Influence unfair and improper persuasive pressure within a relationship of trust
Unenforceable contract contract that the court will not uphold, usually because of some rule of law
Unilateral Contains a promise by only one person to do something if, and when, the other party performs a certain act.
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 recognized by the courts
Void contract without legal effect
Voidable contract one or more parties can get out of contract for some legal reason
Written Contract terms are written so that both parties know the exact terns.
Created by: billy.lee73 on 2014-03-04



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