2.  5 Parts to be Legal and Valid  Offer and Acceptance: Both parties bring something to the table to offer in a contract

3.  Consideration: The exchange of value between 2 parties  Can be monetary or services  Examples?

4.  Capacity: Both parties need to have the mental and physical capacity to agree to the contract

5.  Consent: Both parties agree to the terms of the contract being made  Implied Contract: Usually Oral contract, no real proof  Express Contract: All terms are known, usually written down

6.  What is the biggest decision contract you will ever sign in your life

7.  Lawful Purpose: A lawful (Not Criminal) reason the contract is signed  Example: A contract of employment, you work for pay

8.  Breach of Contract: Breaking the contract agreement  A few different ways this can happen

9.  Misrepresentation: Statement made by one person concerning a material fact  Makes genuine consent impossible

10.  Mistakes: Either clerical or purposeful, information was hidden from parties when signing

11.  Undue Influence: When one person applies inappropriate/manipulation over another person.  Example: Tribe V Farrell

12.  Read the case brief on pg.532-533  In a brief response, describe whether you agree with the decision and explain why

13.  Duress: Like undue influence but more extreme, threats of violence, physical force to sign a contract

14.  Performance: Most common way, task is performed and contract expires  Examples? Everyday Life

15.  Mutual Agreement: Both parties consent to terminating the contract for reasons they discuss  Example?

16.  Impossibility of Performance: The agreement cannot be carried out because of unforeseen circumstance  Cannot be listed as a clause in the contract

17.  What are the ways that we get compensated for a breach of contract?  We will look at them in a few minutes

18.  Breach of Contract: Occurs when one party does not fulfill its duty that was stated and expected in the contract