Bubba Wheeler Assignment 3.docx - Bubba Wheeler Assignment...

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Bubba Wheeler Assignment 3- HCR – 587 1) Elements of a contract – 1. Offer/communication, 2. Consideration, and #. Acceptance. The law will enforce contracts only when they are executed between person who are competent, that is those with the legal and mental capacity to contract. If you are not mentally sound you cannot enter in to a contract. You also have to be of age. 2) An express contract is one in which the parties have ab oral or written agreement. Both written and oral contracts are generally recognized and are equally legal and binding. An Implied contract is one that is inferred by law. It is based on the conduct of the parties, such as a handshake or similar. 3) Nonperformance defenses – Fraud, contract fraud occurs when at least one party under contract knowingly misrepresents a material fact under the contract and intends that the other party rely on that misrepresentation. Mistake of fact and law, a mistake of fact is an incorrect belief regarding a fact. Mistake of law is an incorrect judgment of the legal consequence of known facts. Duress, it is the use of unlawful threats or pressure to force
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