Chapter 12 - Nature and Classes of Contracts

Chapter 12 - Nature and Classes of Contracts - Chapter 12...

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Chapter 12 – Nature and Classes of Contracts I. Nature of Contracts a. Definition of a Contract: i. Legally binding agreement based on the genuine assent of the parties, made for a lawful object, between competent parties, in the form required by law, and generally supported by consideration b. Elements of a Contract: i. Agreement ii. Between competent parties iii. Based on the genuine assent of the parties iv. Supported by consideration v. Made for a lawful objective vi. In the form required by law, if any c. Parties to a Contract: i. Promisor: 1. Person who makes a promise a. If promise is binding, it imposes on the promisor a duty or obligation i. Then called the obligor ii. Promisee: 1. Person to whom a promise is made a. Called obligee if the promise is binding iii. Privity: 1. Succession or chain of relationship to the same thing or right, such as privity of contract, privity of estate, privity of possession d. How a Contract Arises: i. A contract is based on an agreement
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1. An agreement arises when one person, the offeror, makes an offer and
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Chapter 12 - Nature and Classes of Contracts - Chapter 12...

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