Introduction to Legally Enforceable Contracts

Introduction to Legally Enforceable Contracts -...

Info icon This preview shows page 1. Sign up to view the full content.

Introduction to Legally Enforceable Contracts Elements 1. Offer 2. Acceptance 3. Consideration 4. Competent parties 5. Lawful objective 6. Proper form Types of Contracts: 1. Express – A contract that is formed through language, either oral or written. 2. Implied – The terms of the contract are implied from the conduct of the parties (Ex. Going to the doctor’s office.) 3. Formal contracts are enforced because the formality with which they are exercised is sufficient to indicate that the parties intended to enter into a contract. Examples: Contract under seal –Still recognized in Virginia… Hopkins v. Griffin 241 Va. 307, 402 SE2d 11 (1991) Negotiable instrument Contract of record 4. Informal Contract
Image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 5. Bilateral Contract – A promise is exchanged for another promise. 6. Unilateral Contract – Ex. Reward case Terms: • Executory – contract has not been fully performed. • Executed – contract has been fully performed. • Void – without legal effect • Voidable – may be voided at the option of one of the parties • Quasi Contract – is a legal fiction and will be applied to avoid unjust enrichment. Ex. House painter Assignment: Read the following two cases and be prepared to discuss them. 1. Leonard v. Pepsico, Inc. . 2. Lucy v. Zehmer, ...
View Full Document

  • Spring '14
  • LaRoche
  • informal contract, legally enforceable contracts

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern