Contracts Flashcards
1
Q
What is a contract?
A
A legally enforceable promise or set of promises.
2
Q
What are the 4 basic elements of a contract?
A
Mutual assent
Consideration
Legality of purpose
Capacity
3
Q
What is “mutual assent” as it relates to contracts?
A
Parties to a contract must indicate through words or behavior that they willingly agree to enter into a contract.
4
Q
What is “consideration” as it relates to contracts?
A
Parties must obtain something of value & give up something of value in the formation of a contract.
