Contracts - the Beginning

Contracts - the Beginning - Contracts: The Foundation of...

Info iconThis preview shows pages 1–8. Sign up to view the full content.

View Full Document Right Arrow Icon
Contracts: The Foundation of Business
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Some Basics: Sanctity of Contract Contracts are all around us Contracts will be enforced Contracts are a matter of state law
Background image of page 2
What is a contract? Set of promises constituting an agreement between parties Each party has a legal duty to the other party Each party has the right to seek remedy for breach of the promises/duties owed to each other
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
In short . . . . A contract is a set of promises the courts are willing to enforce.
Background image of page 4
Elements of a Contract Agreement One party must make a valid offer, and the other party must accept it Consideration There has to be bargaining that leads to an exchange between the parties. Legality The contract must be for a lawful purpose. Capacity The parties must be adults of sound mind.
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Classification Bilateral/Unilateral Express Executory/Executed Valid/Unenforceable/Voidable/Void Implied Quasi-Contract
Background image of page 6
Types of Contracts (or Agreements)
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 8
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 15

Contracts - the Beginning - Contracts: The Foundation of...

This preview shows document pages 1 - 8. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online