Introduction contract law (study guide)

 

Introduction contract law (study guide)

A legally binding agreement between two or more parties that is upholdable in court is called a contract. Every participant in the agreement is required to exchange considerations, such as pledges of commodities, monies, services, performances, non-performances, etc. Most contracts are enforced by state common law, including those for employment, real estate, insurance, business contracts, or intangible items. A contract can be written or non-written; one made orally is known as a parole contract. Damages for breaching a contract depend on its terms; they are typically financial but may also take the form of performance.

Types of contracts

·       An express contract: Express contract is a contract where the elements such as the terms offer, acceptance, and considerations are specifically stated.

·       An implied contract: implied contract as a contract or an agreement between the two parties is assumed simply by the condition

·       Bilateral or unilateral bilateral: This contract is where both parties have mutually agreed to promise considerations

·       An executed contract: A contract that has been completely fulfilled is considered

·       An executory correct: A contract that has not yet been filled is called an executory correct

·       A formal contract is a contract that is legally binding due to the form or mode of expression.

"Contracts are governed by contract law which is a subcategory of “common-law”, federal and state statutes or programs under statutory law may modify contract law entirely or in part

Contract requirements

·       Mutual assent

·       Considerations

·       Legality of objective

·       Capacity

 

·       Mutual assent: To engage in a contract both parties must show mutual assent the parties do this by showing words that they have both agreed to enter into a contract generally there is an offer by the offer of the contract and an acceptance by the offeree of the contract.

·       Considerations: A least one party must exchange promises of goods funds services etc one party in a unilateral contract or both parties in a bilateral contract.

·       legality of objective: The contract must not consist of crimes or torts a contract killing would obviously not be held up in the courts because murder is illegal

·       Capacity;  parties of a contract must have the legal ability to enter into a contract , a blind man cannot enter into a contract with the mall to monitor the security cameras because he would not have the ability to fulfill his promise or his considerations capacity can also be used as a defense in a corpse if a party of a contract entered into the contract while intoxicated he or she may be able to use this as a successful defense

 Non-contractual remedies and noncontractual agreements may be enforced by the courts in the case of promissory estoppel or a quasi-contract

·       Promissory estoppel is when a person makes a false statement to induce another party to act in good faith to his or her disadvantage the court will treat this as a promise to see that justice is served

·       A quasi-contract: quasi-contract is a non-contractual obligation that is made to preserve justice the requirements for a quasi-contract are as follows according to the jury instructions.

              The elements of a quasi-contract are

·       one plaintiff furnished and rendered valuable goods and services to the defendant with the reasonable expectation of being compensated

·       Defendant knowingly accepted the benefits of the goods or services.

·       Defendant would be unfairly benefited by the services receiving the goods if no compensation were paid to the plaintiff.