BUS LAW 3.01
College: First year, College: Second year, College: Third year, College: Fourth year, Graduate school, Professional
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 borrower.
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.
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 Infuence
- unfair persuasive pressure on another person.
Unilateral Mistake
- error by one of the parties.
Usury
- charging more than maximum legal interest rate.