3.01 Elements of a Contract

32 terms by chackworth

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Acceptance

unqualified willingness to along with offer

Aliens

people who are living in this country but owe allegiance to another

Benefit

something a party was not previously entitled to

Bilateral Mistake

mistake by two parties

Capacity

legal ability to enter into a contract

Consideration

exchange of things of value

Counteroffer

changing terms of initial offer

Detriment

any loss suffered

Duress

overcoming a person's will by force

Economic Duress

threats to a person's business

Forbearance

not doing something that you have a legal right to do

Fraud

deliberate deception to secure an unfair gain

Genuine Agreement

valid offer met by valid acceptance

Gratuitous

free agreements

Interest

fee owed to lender

Legality

contract must not violate statutes

License

legal document giving permission to do something

Minor

not reached legal age of capacity

Mirror Image Rule

acceptance must not change terms of offer

Misrepresentation

untrue statement of facts

Necessaries

necessities such as food, shelter, etc.

Offer

proposal of one party to another

Promissory Estoppel

a promise enforceable without consideration

Ratify

approve

Rejection

refusal of offer

Rescind

cancel

Restrictive Covenant

a promise not to compete

Revocation

taking back offer

Unconscionable

great inequality

Undue Influence

unfair persuasive pressure on another person

Unilateral Mistake

error by one of the parties

Usury

charging more than maximum legal interest rate

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