Contract Law Flashcards
What is a Contract
Any exchange of mutual reciprocal promises, met with certain requirements
What type of law governs contracts
State common law, made through judicial opinions
What are the the essential components of a contract
Offer
Acceptance
Consideration
What are the secondary elements of importance for a contract
Consideration,
Mutuality
Capacity to Contract
Intent to contract
lawful subject matter
what is an “offer”
a promise of action of forbearance on the part of one individual of entity
What is “acceptance”
Unambiguous assent to an offer made by another
what is “consideration”
the lawful surrender of something of value
what is “mutuality”
a meeting of the minds - evidence of reciprocal assent to the substance of the agreement between or Among the parties
what is “capacity to contract”
the state of being legally competent to enter into a legally valid agreement
Intent to contract
the objective to create a legally binding and enforceable agreement, which may be/often is presumed in agreements entered into in a businesss contact
what is “Lawful subject matter”
terms and provisions that do not violate law
How do you challenge the existence of a valid contract?
rebut proof of any element of a contract
what are the two types of internet contracts?
Click Wrap - “click to accept”
Browse Wrap - assumed by use
What must a contract have to be valid
the required components
Must be Valid
Must be Binding in Nature
Must be enforceable
What is validity for a contract
Mutuality - no fraud, duress, unequal bargaining power
no incompetence / incapacity
