Chapter 9 Introduction to Contracts

Chapter 9 Introduction to Contracts - Chapter 9...

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Chapter 9 Introduction to Contracts Contract: a bundling agreement between two parties I) Elements of a Contract A) Mutual Assent (Agreement) 1) Offer (offeror) 2) Acceptance (offeree) B) Consideration( ) 1) The promise to make a gift is not legally enforceable C) Legality 1) It must be for a lawful purpose 2) A non-compete may not hold up in court (free competition) D) Capacity 1) Under 18/under the influence/ under mental capacity 2) Voidable (only the person that was incapacitated can void the contract) II) Types/Classifications of Contracts E) Bilateral Contract 1) A promise for a promise 2) If you promise, I promise… 3) agrees by agreeing F) Unilateral Contract 1) An act for a promise 2) If you do it, I promise… 3) Not liable for not doing it 4) Agrees by doing it 5) Offerors promise is only binding G) Express Contract 1) Created by parties’ words 2) Not most favorable contract (hard to prove) H) Implied Contract 1) Created by the parties’ conduct over time 2) Court can’t order for the future
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Chapter 9 Introduction to Contracts - Chapter 9...

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