Elements of a Contract review

An agreement between 2 or more parties that create obligations enforceable by law

THIS IS THE VOCAB WORD

What parties agree to must be legal

This is the requirement of

• LEGALITY

• LAW & ORDER

• CAPACITY

• PROPER FORM

OFFER & ACCEPTANCE IS

• A proposal made by one party to another and the agreement to be bound by the terms.

• The things of value being promised from one party to another

• The signature between both parties

• What the parties agree to must be legal

Each party must have the ability to be entering into a contract.

This is the element of

• LEGALITY

• CAPACITY

• AGE

• CONSIDERATION

Some agreements must be placed in PROPER FORM.

• TRUE

• FALSE

No deception, mistakes, unfair pressure when both parties enter into a contract

• DUE PROCESS

• GENUINE AGREEMENT

• PROPER OFFER & ACCEPTANCE

• CONTRACTUAL FULFILLMENT

The things of value promised in exchange for something else that binds the parties together

• LEGALITY

• GENUINE AGREEMENT

• CONSIDERATION

• TERMINOLOGY

There are _ elements of a legally binding contract.