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Bus Law 2.01

Understanding elements and characteristics of a contract

TermDefinition
Acceptance
Benefits
Bilateral
Capacity
Consideration
Counteroffer any change in the terms of the offer
Death offeror dies
Detriments
Duress
Economic Duress
Emancipation
Express
Firm Offer a written offer for goods that states the period of time during which the offer will stay open
Forbearance
Fraudulent Misrepresentation
Genuine Agreement
Illusory Promises
Implied
Insanity offeror is declared insane
Legality
Mentally Incapacitated
Mirror Image Rule Terms of the acceptance must match exactly (mirror) the terms of the offer
Mutual Mistake
Nominal Consideration
Offer a 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
Past performance
Price Fixing
Rejection refusal by the offeree
Restrictive Covenant
Revocation taking back of an offer by offeror
Statute of Frauds
Unconscionable
Undue Influence
Unenforceable Contract
Unilateral
Unilateral Mistake
Usury
Valid Contract
Void Contract
Voidable Contract
Written
Created by: 9306999
Popular Business sets

 

 



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