An offer must have serious intent, definite terms, and be communicated to be valid. Acceptance agrees to the offer's exact terms. An offer can terminate through revocation, rejection, lapse of time, unfulfilled conditions, or death. Contracts require agreement and consideration between parties, and can be voidable due to mistakes, fraud, duress, incapacity, or illegality.

1. -James Embree

2.  An offer is something that one does or gives to
or for someone else, commonly in exchange for
something else, usually of equal value of the
original offer.
 The three necessary elements of an offer
include:
1. Serious intent from the original offeror must
be present.
2. Terms of the offer must be serious and definite
so they are usable both by the parties and by
the courts.
3. The offer must be communicated properly to
the offeree.

3.  Acceptance takes place when the party being
offered something decides in favor of the offer
and will go through with their contractual
obligations.
 The “mirror image rule” is the rule that
enforces anyone who accepts an offer to go
through with the exact contract they were
getting into originally with no modifications.

4.  The five ways to terminate an offer include:
1. Revocation
2. Rejection of the original offer
3. Lapse of time
4. Condition unfulfilled
5. Death of the offeror or offeree

5.  Genuine agreement is what’s basically created
by all parties involved within a contract.
 Some mistakes are one-sided, which are known
as unilateral. One example would be buying
something that you then realize you actually
own, which is a contract you cannot get out of.
Another would be signing into a written legal
or business contract then not wanting to go
through with it, you are then legally obligated
to do so.

6.  A bilateral mistake is a contractual mistake
made by both parties. If you cannot pay for
something you said you would and the clerk
doesn’t have what he said he would, then that
is a bilateral mistake. Another would be if you
agreed to run track with someone and then you
both break your left legs.
 Fraud involves intentionally deceiving another
person or party within a contract for your own
personal gain.

7.  If a mistake similar to a fraud is not a fraud and
the accused actually made an honest mistake, it
an innocent misrepresentation.
 Economic duress can also make a contract
voidable. Economic duress is when the offeree
was put in a place where giving into the
contract was their only logical choice rather
than legal. Wrongful or improper
threat, reasonable alternative, threat inducing
the making of a contract, and the other party
causing original financial distress are the
primary elements of economic duress.

8.  Duress of undue influence also makes a
contract become voidable. Undue influence
involves one party taking advantage of the
other(s) while they’re in a position of power
over them. Duress is generally cornering
someone who is unwilling into a contract
purposefully for your own personal gain.

9.  Capacity is what determines whether or not a
contract is legally binding.
 People who are either minors, mentally
impaired, or intoxicated are given certain rights
that void them from a contract.
 Anyone under 18 or suffer from a certain
mental illness is automatically able to void a
contract.

10.  If someone is proven to have taken advantage
of an intoxicated person, then that contract is
also voidable. If the offeror of an intoxicated
person is proven to be unaware of the other
person’s intoxication however, it is not
voidable.

11.  Consideration is what is of legal value within a
contract. It can consist of anything from money
to services or to abstinence from potential
future actions.
 Benefits of contracts are what people have
accepted to gain out of a contract.
 Detriments are what you have legally lost as a
result to agreeing to the contract.

12.  Consideration leads to a lot of “contracts”
being unenforceable. Here are a few examples
of unenforceable contracts due to
consideration:
1. You lend someone your car and expect
compensation despite the idea never being
mentioned on either side.
2. You sell someone a car for $50. Despite the
offer being ridiculous, the other party
accepted, and you cannot go back on it due to
the consideration that you brought up.

13. 3.) You buy a TV from a store. The seller realizes
he made a mistake in the price about five
minutes after you buy it. Since the purchase
has gone through completely, the decision is
final.
4.) You put $ .50 into a vending machine in which
everything costs $1.00, and receive nothing in
return. You did not meet the proper
consideration, therefore there is no contract.

14. 5.) You see a sign on a used car that states the
price is $1,000. There is no contract due to
consideration when the seller does not accept
your offer $500.

15.  Some agreements are completely enforceable
without consideration. A well-known example
would be charity donations, and another
would be simply giving money to someone for
any reason without mentioning any contractual
obligations.

16.  Legality is the general ideal that requires all law to
be completely clear and nearly impossible to
misinterpret in any way.
 Listed here are the six types of statutes (laws
specifically passed by a governing body that has
been created for stated proposes):
1.) Civil statutes are laws that commonly result
from civil suits in order to ban certain things from
being taken to court again.
2.) Criminal statutes are when certain actions are
declared as a crime and are now illegal.
3.) Usury statutes deal with loans and interest rates
when dealing with contracts.

17. 4.) Gambling statutes are basically statutes that
contribute to gambling-related agreements.
5.) Sunday statutes deal with contracts that were
created on Sunday, as some people have
banned contracts created on that day of the
week from being taken into any affect.
6.) Licensing statutes deal with whether or not
people can be licensed to do or perform certain
acts that are part of a contractual agreement.

18.  Public policies also deal with legality’s role in
contracts.
1.) Distributive
2.) Redistributive
3.) Conflict
4.) Regulatory
5.) Continuant
6.) Bargaining