| Genuine Assent | Consideration | Capacity | Illegal Agreements | Terms |
|---|---|---|---|---|
|
What is Undue Influence?
Using a position of trust to dominate another party in a contract
|
What is Forbearance?
A promise to refrain from doing something that you have the legal right to do
|
What is Minors / Minority?
Those under the age of majority
|
What is an Agreement to Fix Prices?
An agreement where two or more companies agree to charge the same price for the same product
|
What is Consideration?
When both parties of a contract receive something of value
|
|
What is Duress?
If one party uses physical threats to obtain a contractual agreement
|
What is Nominal Consideration?
A token amount of consideration not specifically identified in a contract
|
What is Diaffirmance?
The refusal to be bound by a contract
|
What is an Illegal Lottery?
An illegal agreement to bet on the uncertain outcome of an event
|
What is a Gift?
A transfer of ownership without receiving anything in return
|
|
What is Ratification?
Conduct that suggests you intend to be bound by a contract
|
What is Liquidated Debt?
When the parties agree on the existence and amount of a debt
|
What is Informal Emancipation?
The act of severing the child/parent relationship through marriage, giving birth, or joining the military
|
What is an Agreement involving Illegal Discrimination?
An agreement between a motel chain and a local manager to not accept guests of a particular race or national origin
|
What is Rescission?
The action of an injured party canceling their obligation in a contract
|
|
What is Voidable?
When a contract is able to be canceled
|
What is Existing Duty?
Promising something you are already obligated to do
|
What is Mental Incapacity?
When a person lacks the ability to understand the consequences of his or her contractual acts
|
What is 8-12%?
The legal rate range for charging interest
|
What is Emancipation?
The severing of a child/parent relationship
|
|
What is a Unilateral mistake?
When a mistake occurs and the contract remains valid
|
What is Promissory Estoppel?
A doctrine that prevents promisors from backing out of promises made to those not giving consideration in return
|
What are court-approved & major commitments
Two types of contracts that minors cannot legally get out of in any state
|
What are - contracts to buy/sell goods over $500- contracts to buy/sell real property- contracts that require more than one year to complete- promises to pay the debt of another
An example of a contract that needs to be in writing to be enforceable
|
What is Void?
When a contract has no legal effect
|
Support Us on Ko-fi