CP - CONTRACTS

Question 1

CONTRACT ELEMENTS

Answer 1

A contract (“K”) is a promise or set of promises enforced by law

• I.e., a legally enforceable agreement

Requirements to form a valid K - a K is formed when there exists:

1. Mutual assent
   
   • I.e., a meeting of the minds
   • Demonstrated by an offer and valid acceptance
   • See cards 4-11 on Formation
2. Consideration
   
   • A bargained-for exchange of legal value between the parties
   • See Card 11 - Consideration & Substitutes for Consideration
3. No defenses to K formation
   
   • No defenses to formation exist that would invalidate the K
   • See cards 12-17 on Defenses to Formation or Enforcement