Contracts - Contracts Promise is a persons assurance that...

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Contracts Promise- is a person’s assurance that the person will or will not do something. Contract- A promise or set of promises for the breach of which the law gives remedy, pr performance of which the law in some way recognize duty. Simply put: a contract is a legally binding agreement between two or more parties who agree to perform or to refrain from performing some act now or in the future. Object theory of contracts- The theory is that a party’s intention to enter into a legally binding agreement, or contract, is judged by outward objective facts as interpreted by a reasonable person. 1. What party said when entering contract 2. How party acted or appeared (intent may be manifested by conduct as well by oral words) 3. The circumstances surrounding the transaction. Requirements of valid contracts: 1. Agreement- an agreement to form a contract includes an offer and an acceptance. One party must offer to enter into a legally agreement, and another party must accept the terms of the offer. 2. Consideration- any promise made by the parties to the contract must be supported by legally sufficient and bargained-for consideration )something of value received or promised, such as money, to convince a person to make a deal). 3. Contractual capacity- both parties entering into contract must have the contractual capacity to do so; the law must recognize them possessing charcteristics that qualify them as competent parties. 4. Legality- contracts purpose must be to accomplish some goal that is legal and not against public policy. Defense to eth enforceability of a contract: These requirements typically are raised as defense to the enforceability of an otherwise valid contract. 1. genuiness of assent- the apparents consent of both parties must be genuine. Example. If contract was made or formed as a result to fraud, undue influence, mistake, or duress, the contract may not be enforceable. 2. Form- the contract must be in what ever form the law requires- for example, some contracts must be in form of writing to be enforceable. Offeror- party making the offer. Offeree- is party to whom the offer is made. Bilateral contracts- if to accept the offer the offeree must only to promise to perform. A promise for a promise.
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Example: offer to buy a camera. Offer accepted and camera is bought. Unilateral contracts- the offer is phrased so that the offeree can accept the offer by
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Contracts - Contracts Promise is a persons assurance that...

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