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stonybrook-chapter10guide

stonybrook-chapter10guide - Chapter 10 Contract Law Nature...

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Chapter 10: Contract Law, Nature and Terminology An Overview of Contract Law The Function of Contracts o Ensures compliance with a legally-binding promise Definition of a Contract o A contract is a legally binding promise between two parties (promisor and promisee) to perform, or refrain from performing, some act, either now or in the future o If there is a breach of contract, the law provides a remedy to the innocent, or non-breaching party Objective Theory of Contracts o Intent to enter into a contract is judged by objective (outward) facts as interpreted by a reasonable person, rather than by a party’s subjective intention. Objective facts include what the party said when entering into the contract, how the party acted or appeared, and the circumstances surrounding the transaction. Elements of a Contract Requirements of a Valid Contract o Agreement This requirement includes an offer and an acceptance. One party must offer to enter into a legal agreement, and another party must accept the offer. o Consideration Promises must be supported by legally sufficient and bargained-for consideration. o Contractual Capacity These include characteristics that qualify the parties to contract as competent. o Legality A contract’s purpose must be to accomplish a goal that is not against public policy.
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Defenses to the Enforceability of a Contract o Genuineness of Assent The apparent consent of both parties must be genuine.
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