Person who accepts/rejects offer.

Either party can enforce Obligated to do duties

A contract that isn't legally valid/cannot be enforced.

A contract that one party can choose to enforce or cancel

5 Key Elements for Contracts

(1) Agreement (2) Consideration (3) In Writing (Sometimes) (4) Capacity (5) Legality

3 Requirements of Valid Offers

(1) Intent (2) Proper Communication (3) Material Terms

3 Ways to Terminate offer

(1) Rejection (2) Counteroffer (3) Revocation

3 Requirements of Accepting Offers

(1) Unequivocal (2) Terms remain unchanged (3)Properly communicated

Mistakes of Value = Enforcable/Rescinded?

Enforceable (Contract Cannot be voided)

2 Types of Fraudulent Misrepresentation

(1) In the Inducement (2) In the Inception

In the Inducement Fraud =

One person tricks another to get them to agree to contract that they don't know is a contract.

In the Inception Fraud =

Someone tricks another into agreeing to contract by lying about what it is.

Someone forces you into an agreement by threat of harm.

When someone takes advantage of someone's trust/weakness to make them agree to a contract.

Fiduciary Relationship

Trust-based relationship where the fiduciary is expected to act in the best interest of the beneficiary.

A one sided contract so unfair that the court may invalidate it.

Concept of Consideration

A bargained-for exchange of something of legal value. (Can be Promise/Action)

A Promise to give something as gift without expecting anything in return.

Means something you've already done b4 making a new contract.

Means you cannot promise to do something you are already legally required to do & use that promise as consideration for a new contract.

Illegal Consideration

Happens when 1 party promises not to do smt illegal as part of contract.

A promise that sounds like commitment but the offeror can decide later whether to follow through.

Enforces oral promise if relied upon.

The Statute of Frauds

A rule stating some contracts must b written down to be legally enforceable.

Marriage/Year/Land/Executor/Goodover$500/Suretyship

The person who promises to pay deceased's debt.

When you promise to be responsible for someone else's debt.

Expressed Integration (Expressed/Implied)

Combing documents into a complete contract.

If you have a written contract any prior oral Agreements not in writing are unenforceable

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Business Law

Term	Definition
Offeror	Person who makes the offer
Offeree	Person who accepts/rejects offer.
Valid Contract	Either party can enforce Obligated to do duties
Void Contract	A contract that isn't legally valid/cannot be enforced.
Voidable Contract	A contract that one party can choose to enforce or cancel
5 Key Elements for Contracts	(1) Agreement (2) Consideration (3) In Writing (Sometimes) (4) Capacity (5) Legality
3 Requirements of Valid Offers	(1) Intent (2) Proper Communication (3) Material Terms
3 Ways to Terminate offer	(1) Rejection (2) Counteroffer (3) Revocation
3 Requirements of Accepting Offers	(1) Unequivocal (2) Terms remain unchanged (3)Properly communicated
Mistakes of Value = Enforcable/Rescinded?	Enforceable (Contract Cannot be voided)
Mutual mistakes of Fact = Enforceable/Rescinded?	Contract can be rescinded
Unilateral Mistake of Fact = Enforceable/Rescinded?	Enforceable.
2 Types of Fraudulent Misrepresentation	(1) In the Inducement (2) In the Inception
In the Inducement Fraud =	One person tricks another to get them to agree to contract that they don't know is a contract.
In the Inception Fraud =	Someone tricks another into agreeing to contract by lying about what it is.
Duress	Someone forces you into an agreement by threat of harm.
Undue Influence	When someone takes advantage of someone's trust/weakness to make them agree to a contract.
Fiduciary Relationship	Trust-based relationship where the fiduciary is expected to act in the best interest of the beneficiary.
Unconscionability	A one sided contract so unfair that the court may invalidate it.
Concept of Consideration	A bargained-for exchange of something of legal value. (Can be Promise/Action)
Gratuitous Promise	A Promise to give something as gift without expecting anything in return.
Past Consideration	Means something you've already done b4 making a new contract.
preexisting Duty	Means you cannot promise to do something you are already legally required to do & use that promise as consideration for a new contract.
Illegal Consideration	Happens when 1 party promises not to do smt illegal as part of contract.
Illusory Promise	A promise that sounds like commitment but the offeror can decide later whether to follow through.
Promissory Estoppel	Enforces oral promise if relied upon.
The Statute of Frauds	A rule stating some contracts must b written down to be legally enforceable.
MYLEGS	Marriage/Year/Land/Executor/Goodover$500/Suretyship
Executor	The person who promises to pay deceased's debt.
Suretyship	When you promise to be responsible for someone else's debt.
Expressed Integration (Expressed/Implied)	Combing documents into a complete contract.
Parol Evidence Rule	If you have a written contract any prior oral Agreements not in writing are unenforceable

Created by: user-2033031

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