A contract is a legally enforceable promise between two or more parties that is formed through a valid offer and acceptance. It requires consideration, meaning both parties exchange something of value. If one party breaches the contract by failing to uphold their end of the promise, the other party can seek legal remedies like damages.

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.

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.

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.

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avoided (rescinded) by one of the parties.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