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32 terms

3.01 Elements of a Contract

STUDY
PLAY
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