Tx cont-16

1. Unit 7: Introduction to
Contracts

2. UNIT 7: INTRODUCTION TO CONTRACTS
Contract Basics
Types of Contracts
 Types of Contracts
 Express Contract
 Implied Contract
 Bilateral Contract
 Unilateral Contract
 Executory Contract
 Executed Contract

3. UNIT 7: INTRODUCTION TO CONTRACTS
Elements of a Valid Contract
 1. Legal Competency of Parties
 2. Mutual Consent
 Offer and Acceptance
 Genuine Assent
 Fraud
 Innocent Misrepresentation
 Mistake
 Duress
 Undue Influence
 3. Lawful Objective
 4. Consideration
 5. In Writing with Signatures of Parties
 6. Legal Description

4. UNIT 7: INTRODUCTION TO CONTRACTS
Discharge of Contracts
 Performance
 Tender of Performance
 Time is of the Essence
 Release
 Mutual Rescission
 Assignment
 Novation
 Breach
 Unilateral Rescission
 Lawsuit for Money Damages
 Lawsuit for Specific Performance

5. UNIT 7: INTRODUCTION TO CONTRACTS
Interpreting Contracts
 Time is of the Essence Clause
 Merger Clause
 Parol Evidence Rule
 Determining Conflicts in a Contract
 Conditions Precedent and Subsequent
 Liquidated Damages Clause