contracts- law

Created by liz_bobak 

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contract

offer and acceptance + consideration

exclusivity

contract with one company

offeror

you offer

offeree

person offered

mailbox rule

when the contract is formed when the offeree sends the acceptance or rejection unless otherwise indicated by the offeror

bilateral

a promise for a promise

unilateral

a promise for an act

forbearance

refraining from something you have the legal right to do

express contract

terms of the agreement are either in writing or orally

implied contract

no express agreement, rather the agreement is implied from the parties' actions

executed contract

one which has been completed performed by both parties

executory contract

one which has not been performed by either party or which has only been performed by one party

quasi contract

not really a contract at all, no agreement by the parties

full performance

contract will end when both parties do all that is required of them

agreement of termination

force majeure clause, mutual release

defenses

legal excuses which relieve a party of liability under a contract
cause- void or voidable

void

one which has no legal effect and therefore is not enforceable by either party

voidable

one which is enforceable by either party unless and until the party with the right to avoid the contract does so

legally insane, illegality, mutual mistake,

void

writing of contract required for:

contracts involving land, assign copyright ownership to another, cosigning, contracts that can't be performed until a year

duress

intimidation through force or threats

undue influence

use your influence over another party to substitute your will for theirs

statute of limitations

suit of breach must be filed within 6 years of the breach

13th amendment

if you dont want to work for someone, you dont have to but you will have damages to pay

verbal contracts

2 years to file after date of breach

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