Notes- Chapter 10

Notes- Chapter 10 - Chapter 10 Introduction Promise- A...

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Chapter 10 Introduction Promise - A person’s assurance that the person will or will not do something An Overview of Contract Law Contract- Legally binding agreement between two or more parties who agree to perform or to refrain from performing some act now or in the future. 4 Requirements for a Contract to Exist 1. Agreement - One party must offer to enter into legal agreement and the other party must accept. 2. Consideration - Any promises made in the contract must be supported by consideration (something of value such as a money—to help convince a person make a deal) 3. Contractual Capacity - both parties entering contract must have contractual capacity; law must recognize them as having characteristics that qualify them as competent parties 4. Legality - purpose of contract should be legal However, even if the above requirements are met, the contract may not enforceable. The following must also be met. They are known as Defenses to the Enforceability of a Contract 1. Genuineness of assent
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This note was uploaded on 11/18/2010 for the course MGMT 108 taught by Professor Guerin during the Spring '08 term at UCLA.

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Notes- Chapter 10 - Chapter 10 Introduction Promise- A...

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