BUS LAW 3.01

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1

Acceptance

- unqualified willingness to along with offer.

2

Aliens

- people who are living in this country but owe allegiance to another.

3

Benefit

- something a party was not previously entitled to.

4

Bilateral

Mistake - mistake by two parties.

5

Capacity

- legal ability to enter into a contract.

6

Consideration

- exchange of things of value.

7

Counteroffer

- changing terms of initial offer.

8

Detriment

- any loss suffered.

9

Duress

- overcoming a person's will by force.

10

Economic Duress

- threats to a person's business.

11

Forbearance

- not doing something that you have a legal right to do.

12

Fraud

- deliberate deception to secure an unfair gain.

13

Genuine Agreement

- valid offer met by valid acceptance.

14

Gratuitous

- free agreements.

15

Interest

- fee owed to borrower.

16

Legality

- contract must not violate statutes.

17

License

- legal document giving permission to do something.

18

Minor

- not reached legal age of capacity.

19

Mirror Image Rule

- acceptance must not change terms of offer.

20

Misrepresentation

- untrue statement of facts.

21

Necessaries

- necessities.

22

Offer

- proposal of one party to another.

23

Promissory Estoppel

- a promise enforceable without consideration.

24

Ratify

- approve.

25

Rejection

- refusal of offer.

26

Rescind

- cancel.

27

Restrictive Covenant

- a promise not to compete.

28

Revocation

- taking back offer.

29

Unconscionable

- great inequality.

30

Undue Infuence

- unfair persuasive pressure on another person.

31

Unilateral Mistake

- error by one of the parties.

32

Usury

- charging more than maximum legal interest rate.