»The legal definition of a contract is a
promise (or set of promises) that,
when breached by one party, gives
the other party a legal remedy.
» Agreement that can be enforced in court.
» Formed by two or more parties (promisor and
» Failure to perform results in breach and
A promise for promise
a promise for act
Require special foam for creation
Require no special foam for creation
Formed by words
Formed at least in part by the parties
» Offeror and Offeree
exchange promises to
» A contract is formed
when Offeree promises
» Offeror wants
performance in exchange
for his promise.
» Contract is formed when
» Contests and lotteries are
» terms of contract are set forth either in writing or
» based on conduct.
» Plaintiff furnished service or product.
» Plaintiff expects to be compensated.
» Defendant had a chance to reject and did not.
Four Elements: Agreement, Consideration, Legal
Purposes, Parties have legal capacity.
Valid contract that is legally defective and can be
avoided (rescinded) by one of the parties.
No contract at all.
of a valid offer and acceptance.
is the Offeror s promise to perform.
Serious, objective intention.
» Consideration is value given in return for a promise.
» Something of legally sufficient value given in
exchange for a promise and
» That is bargained-for-exchange between the parties.
» Courts generally do not look for “how much”
consideration” is given