»The legal definition of a contract is a
promise (or set of promises) that,
when breached by one party, gives
the other pa...
» Agreement that can be enforced in court.
» Formed by two or more parties (promisor and
promisee).
» Failure to perform r...
A promise for promise
a promise for act
Require special foam for creation
Require no special foam for creation
Formed by w...
» Offeror and Offeree
exchange promises to
each other.
» A contract is formed
when Offeree promises
to perform
» Offeror w...
» terms of contract are set forth either in writing or
orally.
» based on conduct.
» Plaintiff furnished service or produc...
Four Elements: Agreement, Consideration, Legal
Purposes, Parties have legal capacity.
Valid contract that is legally defec...
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 pr...
Business law
Business law
Business law
Business law
Business law
Business law
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Business law

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Business law

  1. 1. »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.
  2. 2. » Agreement that can be enforced in court. » Formed by two or more parties (promisor and promisee). » Failure to perform results in breach and damages.
  3. 3. 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 conduct
  4. 4. » Offeror and Offeree exchange promises to each other. » A contract is formed when Offeree promises to perform » Offeror wants performance in exchange for his promise. » Contract is formed when Offeree performs. » Contests and lotteries are examples.
  5. 5. » terms of contract are set forth either in writing or orally. » based on conduct. » Plaintiff furnished service or product. » Plaintiff expects to be compensated. » Defendant had a chance to reject and did not.
  6. 6. 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 Valid contract that is legally defective and can be avoided (rescinded) by one of the parties.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.
  7. 7. of a valid offer and acceptance. is the Offeror s promise to perform. Serious, objective intention.
  8. 8. » 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

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