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25 terms

contracts- law

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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