Contract

Presentation
Fraud
Fraud is wrongful or criminal deception intended to
result in financial or personal gain.
Counter offer
A counter offer is made in response to another.
Mutual mistake
Amutual mistakeoccurs when the parties to a contract
are both mistaken about the same material fact within
their contract. They are at cross-purposes. There is a
meeting of the minds, but the parties are mistaken.
Hence the contract is voidable.
Emancipation
The fact or process of being set free from legal, social,
or political restrictions; liberation.
Revocation
Revocationrefers to the cancelling or annulment of
something by some authority.
Whenrevocationhappens, a privilege, title, or status is
removed from someone.
Voidable
In contracts,voidableis a term typically used with
respect to a contract that is valid and binding unless
avoided or declared void by a party to the contract who
is legitimately exercising a power to avoid the
contractual obligations.
Duress
Duress are threats, violence, constraints, or other action
brought to bear on someone to do something against
their will or better judgment.
Necessaries
Minors cannot bind themselves tocontractsother than
those for necessaries, items that arenecessaryor
beneficial to them. Capacity in English law refers to the
ability of a contracting party to enter into legally
binding relations.
Mental Incompetency
Apersonwhoisdiagnosedasbeingmentallyill,senile,
orsufferingfromsomeotherdebilitythatpreventsthem
from
managinghisownaffairsmaybedeclaredmentallyinco
mpetentbyacourtoflaw.Whenapersonisjudgedtob
eing
competent,aguardianisappointedtohandletheperso
n'spropertyandpersonalaffairs.
Minority
Small businesses that are at least 51 percent owned by
a socially and economically disadvantaged
individual,definedas someone who is a member of
aminoritygroup, a woman, or, in some cases, has a
disability.
 What should be in a contact,
what to avoid and what makes a
contract legal
Consideration and acceptance. There must be a clear or
definite offer to contract with an unqualified acceptance.
Legal purpose, Capable parties, Mutual assent.
Your Business Reputation, Your Business Relationships,
Lawsuits, legal suits, contempt and punitive damages
Mostcontractsonly need to contain two elements to
belegallyvalid. All parties must be in agreement (after an
offer has been made by one party and accepted by the
other). Something of value must be exchanged -- such as
cash, services, or goods (or a promise to exchange such an
item) -- for something else of value.