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Bus Law 2.01

Elements of a contract, characteristics of a contract.

TermDefinition
Acceptance
Benefits
Bilateral Acceptance A contract is accepted on a promise but that does not necessarily mean it is carried out upon.
Capacity
Consideration
Counteroffer A proposed change in the offered agreement (Termination).
Death Death of the offeror or offeree (Termination).
Economic Duress
Emancipation
Express
Firm Offer A statement that says how long an offer will be open.
Forbearance
Fradulent Misrerepsenattion
Genuine Agreement (Assent) A valid offer was offered and a valid acceptance was offered.
Ilusory Promises
Implied
Insanity Offeror or offeree is declared insane (Termination).
Legality
Mentally Incapacitated
Mirror Image Rule Terms of acceptance must match what the offer says the terms of acceptance are.
Mutual Mistake (Bilateral Mistake)
Nominal Consideration
Offer Proposal from one party to another to make a legally binding agreement (Must have serious intent, must be definite and certain, and must be communicated to the offeree).
Offeree Person that receives the offer.
Offeror Person that makes the offer.
Option Offeree gives the offeror collateral as to keep the offer open for a period of time.
Oral
Past Performance
Price Fixing
Rejection Refusal to partake in the proposed agreement by the offeree (Termination).
Restrictive Covenant
Revocation Taking back an agreement by the offeror (Termination).
Statute of Frauds
Unconscionable
Undue Influence
Unenforceable contract
Unilateral Acceptance A contract is accepted once actions are performed in its terms.
Unilateral Mistake
Usury
Valid contract
Void contract
Voidable contract
Written
Duress Overcoming a person's free will by using threats or force.
Created by: GrayDoby
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