Intro To Contract Law

BUS LAW TERM PAPER

Contracts

What is a Contract?

A announcement is a deposit of leg all toldy enforceable promises. The Restatement (Second) of Contracts defines a edit as a promise or set of promises for the breach of which the law gives a remedy or the achievement of which the law in some way recognizes a duty.

thither be four elements that are necessary for a contract to exist:
1. Agreement
2. Consideration
3. Contractual Capacity
4. Legal Object

The placement consists of an offer by one party (the Offeror) and acceptance of the terms of the offer by the other party (the Offeree). There must be a mutual consent, or a meeting of the minds. Consideration is the bargained-for exchange. It is what each party gets in exchange for his or her promise chthonic the contract. Contractual capacity is the legal ability to enter into a binding arranging. Most adults over the age of the majority leave the legal ability to enter into binding contracts, but there are people who have all limited or no legal capacity to do so, such as underage people, people suffering from mental illness, and people who are intoxicated. Finally, legal object means that the contract cannot be either illegal or against public policy.





While a contract may appear to be legally binding because all four elements are present, one of the parties may have a defense to the contract. There are two categories of defense to a contract. The first is lack of genuine assent. This is when the offeror secures the acceptance of the agreement through improper means, such as fraud, duress, undue influence, or misrepresentation. The second defense is that the contract lacks proper form, which usually means it lacks a writing. Certain contracts require a writing, and if there is none, the agreement will not be enforced.

Contract law is ground on an objective theory of contracts, which means the existence and variant of a contract is based on the outward expression of intent...If you want to get a full essay, order it on our website: Orderessay



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