Ch05-17e - All contracts are agreements, but not all...

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5.1 Law for Business, 17e by Ashcroft and Ashcroft Chapter 5: Nature and Classes of Contracts
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5.2 Chapter 5 Objectives State the five requirements for a valid contract. Describe the types of contracts and how they differ from agreements. Explain the difference between a contract and a quasi contract.
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5.3 Contracts A contract can be defined as a legally enforceable agreement between two or more competent persons. A breach of contract is the failure of one of the parties to perform the obligations assumed under the contract.
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5.4 Requirements of a Valid Contracts 1. Based on a mutual agreement by the parties 2. Made by competent parties 3. Supported by consideration given by each party to the contract 4. Be for a lawful purpose 5. Sometimes meet certain formal requirements
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5.5 Contract or Agreement?
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Unformatted text preview: All contracts are agreements, but not all agreements are contracts. 5.6 Void and Voidable Contracts A void contract is an agreement with no legal effect It is not enforceable in court. It is not the same as an unenforceable contract. A voidable contract would be an enforceable agreement, but, because of circumstances, one or both parties may elect to void it 5.7 Types of Contracts Express and implied Formal Recognizance Negotiable instruments Simple Unilateral and bilateral 5.8 Types of Contracts Written and oral Executory and executed Unilateral and bilateral Quasi or implied in law contracts Unjust enrichment 5.9 Have any questions? Be sure you study the cases in the textbook for a thorough understanding of this chapter....
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Ch05-17e - All contracts are agreements, but not all...

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