Law - Contracts - Essential Elements for a Contract
3. Consideration:
- Anything of value, as long as courts can put dollar figure on value
Invitation to treat:
- Invitation to general public to make an offer to advertiser with the terms in the advertisement
6. Legal Capacity:
- Of legal age (18 years for all contracts)
Acceptance Requirements
Active, Notice, Reasonable, Mail, Revoked
Recission:
Court will help return parties to original positions, as if contracts had never happened.
Basic Agreement: 4
Offer, Sincere, Clear, Time limit
Invalid Consideration:
Past, Love, affection
2. Acceptance:
Timely, Active, Reasonable,
Counteroffer:
an offer made in response to pre-existing offer, which switches roles
. ILLEGALITY def
cannot be for a purpose forbidden by law.
Offer:
clear proposal to another party to enter into agreement on certain terms
Mistake Types
common, mutual, unilateral
Unilateral Contract:
communication not required, PERFORMANCE is acceptance.
Genuine Consent cannot be under
duress, intoxication, or mentally unsound
Clerical Mistake:
error made in recording the details of a contract
Contrary to Public Policy:
immoral/not in best interest of society.
Repudiation:
indication of not wanting to be bound by a contract.
Ratification:
indication of willingness to be bound by contract:
Communicating an Offer:
mail, e-mail, person, or advertisement - Offeree must be aware.
Minors are liable for
necessaries like food, clothing, shelter, medical/dental services
Ending an Offer:
offer can be revoked by offeror before it is accepted by
Revoked:
offer can be withdrawn by offeror before it has been accepted by offeree.
Lapses:
offer gone if not accepted before date set out or offer comes to an end after reasonable time.
Gratuitous promise
offer that gives benefit to offeree only.
3 Elements of a Contract
offer, acceptance, consideration
4. Genuine Consent
one must have the capacity/ability to enter into legally binding contract.
Misrepresentation:
one party makes false/inaccurate statement of fact
Specialty Contracts:
under seal, witnesses, written form, serious thought, intent to fulfil with obligations
Undue Influence/Unconscionability:
unreasonable advantage taken of one of the parties in a contract.
