Week3 - A contract is a"promise enforceable by law The...

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A contract is a "promise enforceable by law." The promise may be to do something or to refrain from doing something. The making of a contract requires the mutual agreement of two or more persons, one of them normally making an offer and the other accepting it. If one of the parties fails to keep his or her promise, the other is entitled to legal re- course against that person. There are six requirements necessary for a contract to be valid: 1. An agreement which usually consists of an offer and an acceptance of that offer. 2. The agreement must have consideration which is something bargained for and given in exchange for a promise. 3. The parties must have the capacity, or legal ability to contract. 4. The contract must be based on the genuine assent of each party, that is, both parties must be agreeable to the terms of the contract. 5. The subject matter of the contract must be legal. An agreement to break the law would be illegal, for example.
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