BSL_9-Elements of Contract

BSL_9-Elements of Contract - BSL_9 12/09/200811:34:00...

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BSL_9 12/09/2008 11:34:00 Elements of a Contract Mutual assent (agreement) o Offer (offeror)  o Acceptance (offeree) Consideration o What the offeror asks for in exchange for their offer o Must ask for something in return for a promise for it to be valid Legality o The promises of the contract must not violate law or public policy Capacity o Accountability in contract Classification of Contracts Bilateral vs. Unilateral o Bilateral Promise for a promise o Unilateral Promise for an act Only one party, the offeror, has a legally enforceable promise Express or Implied contract o Express Created by parties words, state what terms of contract are o Implied Created by the parties actions Must have exhibited pattern of conduct over time, courts will enforce  an agreement Valid contract
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o Meets all the requirements of a contract Unenforceable
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This note was uploaded on 03/22/2011 for the course BSL 212 taught by Professor Smith during the Spring '11 term at UConn.

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BSL_9-Elements of Contract - BSL_9 12/09/200811:34:00...

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