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Business Law 2.01

Understand Elements and Characteristics of a Contract

TermDefinition
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 is accepted by offeree through communication of the promise to the offeror
Capacity Legal ability to enter into a contract
Consideration Exchange of benefits and detriments by the parties to an agreement
Death Offeror dies
Detriments any loss suffered, anything given up
Duress Overcoming a person's free will by 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 (Assent) A valid offer has been made by the offeroe, 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 action of the parties
Insanity Offeroe is declared insane
Legality
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 made to the person
Offeror Makes the offer
Option 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
Revocation Taking back of an offer by 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 court will not uphold, usually because of some rule of law
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 State sets a max interest rate
Valid Contract Includes all elements recognized by the courts >Legally binding
Void Contract Without legal effect >Contracts missing one or more elements
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 terms
Created by: abcrudup
 

 



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