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Definations

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Submitted By MjBarrett03
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1. Acceptance- unqualified willingness to along with offer * If a contract is made without acceptance it is void. 2. Aliens – people who are living in this country but owe allegiance to another * People who crossed the border illegally are aliens. 3. Benefit- something a party was not previously entitled to * By signing the contract, Mary got many benefits that help out her situation. 4. Bilateral Mistake- mistake by two parties * In the contract a mistake came from both parties, this is called a bilateral mistake. 5. Capacity- legal ability enter into a contract * The minor didn`t have the capacity to enter a contract with his neighbors` dad. 6. Consideration- exchange of things of value * I’m happy because Maria and I had a consideration. 7. Counteroffer- changing terms of initial offer
I made a counteroffer at a yard sale for a bike. 8. Detriment- any loss suffered
The business had a bad detriment after losing the case. 9. Duress- overcoming a person`s will by force * John duress mike at the park. 10. Economic duress- threats to a person`s business * John sent threats to the Microsoft Corporation, this is called economic duress. 11. Forbearance- not doing something that you have a legal right to do
Mike had no forbearance stealing from his brother. 12. Fraud- deliberate deception to secure an unfair gain
Mary stole Lisa’s identity and was arrested for fraud. 13. Genuine agreement- valid offer met by valid acceptance
When you have all the things promised in an agreement it`s a genuine agreement. 14. Gratuitous – free agreements * Mike and Jill had a free agreements 15. Interest- fee owed to borrower * When you borrower money from the bank you have to pay them back with interest. 16. Legality – contract must not violate statutes * Maria hoped

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