Contract Law Flashcards
1
Q
The law of contract is an agreement that is _____?
A
Legally binding or at the very least has legal consequences
2
Q
What are the 7 elements to a contract?
A
Intention to create a legal relationship.
Offer
Acceptance
Consideration
Capacity
Legality
Consensus ad idem
3
Q
One party makes an offer to another party
A
Offer
4
Q
Thing of value that is the subject matter of the contract
A
Consideration
5
Q
I offer to film a video for Jay for $500
A
Consideration
6
Q
Person who the promise has been made
A
Promisee
7
Q
Person who is making the promise
A
Promisor
8
Q
Benefit given or detriment suffered
A
Consideration
9
Q
Parties presumed capable of creating their rights and obligations
A
Freedom to contract
