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»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
promisee).
» Failure to perform results in breach and
damages.
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
» 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.
» 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.
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avoided (rescinded) by one of the parties.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
Business law
Business law

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Business law

  • 1.
  • 2. »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.
  • 3. » Agreement that can be enforced in court. » Formed by two or more parties (promisor and promisee). » Failure to perform results in breach and damages.
  • 4.
  • 5. 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
  • 6. » 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.
  • 7.
  • 8. » 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.
  • 9.
  • 10. 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.
  • 11. of a valid offer and acceptance. is the Offeror s promise to perform. Serious, objective intention.
  • 12. » 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