Elements Of A Valid Contract

Question 1

What’s the equation of a contract?

Answer 1

Intention to create a legal relationship + agreement/acceptance + consideration = contract

Question 2

Describe intention to create a legal relationship

Answer 2

Requires the parties to indent to create obligations that are legally binding and enforceable

Question 3

Describe agreement/acceptance

Answer 3

Written or oral statement or act that indicates the person is willing to accept the offer made.

Question 4

Describe consideration

Answer 4

Something of value that passes from one party to the other at which time a contract is complete

Question 5

Define contract

Answer 5

A legal agreement that can be enforced by law