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What is a contract?
A contract is an agreement between 2 or
more parties that creates a legal
obligation
Requirements to Contracts
1. Offer and Acceptance
• Must be a genuine offer and the offer must be accepted without
changing the offer
• Person giving the offer is the offeror; person receiving the offer is the
offeree.
2. Genuine Assent
• The offer cannot be based on someone tricking someone else or
putting unfair pressure on them to accept the offer
3. Legality
• What the 2 people agree to must be legal
4. Consideration
• Both people in the contract must receive something of value
5. Capacity
• Must be 18 to have the capacity to contract
6. Writing
• Some, but not all, agreements must be in writing to be enforced
What is an offer?
An offer is a proposal by
an offeror to something,
provided the offeree
does something in return.
Requirements of an Offer
1. Contractual intent must be present in
the offer.
2. The offer must be communicated to the
offeree.
3. The essential terms of the offer must be
complete and definite.
Requirements of an Offer:
Contractual Intent Must be Present
Complete:
◦ Identity of the item
◦ Price
◦ Full terms of payment
◦ Date for delivery of possession
◦ Date for delivery of the deed
Definite:
◦ Everything must be specific and clear
◦ Cannot say “My car”, must say “My 2007 Jeep Cherokee”