This document provides an introduction to contracts, including the basics of different types of contracts like express, implied, bilateral, and unilateral contracts. It outlines the key elements required for a valid contract, such as mutual consent and consideration between competent parties. The document also discusses how contracts can be discharged through performance, mutual rescission, breach, or assignment. It concludes by covering principles for interpreting contracts, such as time is of the essence clauses, merger clauses, and conditions precedent versus subsequent.

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