Contracts

Formation of a Contract Mutual Assent (offer and acceptance) Consideration Capacity Legality

Offer –A promise or commitment to do or refrain from doing some specific thing in the future –Elements Intent Definiteness Communication

Acceptance A voluntary act (either words or conduct) that shows assent or agreement to the terms of the offer.

Consideration The value (such as money) given in return for a promise (such as the promise to sell an item upon receipt of payment). Elements Bargained-for Exchange Value –act –forbearance –creation of a relationship

Capacity The legal ability to enter into a contractual relationship

Genuineness of Assent Mistakes Fraud Undue Influence Duress Contracts of Adhesion

Discharge of Contractual Duties Performance Occurrence or Failure of a Condition By Agreement By Operation of Law

Remedies for Breach of Contract Legal –compensatory damages –incidental damages –consequential damages note: duty to mitigate Equitable –specific performance –recission –reformation