Business law - Contract Law Question with complete solution 2023

Business law - Contract Law Question with complete solution 2023Contract between two or more parties that is enforceable by the court of law Elements of a contract 1. Agreement = Proper author, Proper accepts 2. Consideration = For something of legal value ( I agreed to pay 10K to paint appartment , you agreed to do it) 3. Capacity 4. Genuine assent (author of text book points it out as defence) = 5/ Voluntary coming together 5. Legal purpose - The objective of the contract must be for a legal purpose. For example, a contract for illegal distribution of drugs is not a binding contract because the purpose for which it exists is not leg The characters of our play Offeror/promise giving the contract Offeree/promise Contract that need to be writting a. Any contract for sale of land b. Any contract for more than one year merchant you are governed by uniform commercial code and 5 elements of common law Bilateral for a promises Example you rent my apartment, you pay $X) Unilateral a promise for an act / an agreement to pay for nonperformance. Example: Rewards, I will pay you $1,000 if you bring my car from Cleveland to San Francisco." Bringing the car is acceptance. Formal contract Use guide lines based on a industry or formalized contract on court. Executed completed contract executory Something not yet performed or done. Examples: an executory contract is one in which all or part of the required performance has not been done; an executory bequest is a gift under a will which has not been distributed to the beneficiary Standard used by court to determine whether a contract is valid Reasonable person stadnard Valid contract enforceable binding contract hence a good contract Voidable contract One or sometimes both parties have the ability to cancel the contract for a certain period of time. They can cancel the contract by rescinding it, avoidance, or disaffirm Void contract never was a contract (non existence) Unenforceable Agreement between two parties that is unenforceable in the court of law a.Usually when it violate a law - subsequent illugality b. A contract that is required in writing but isn't Quasi contract (not a contract) Quasi contract is not a contract: it is a way we right a wrong. When we have contract law we just look at 5 elements and wording of the contract. If there is no contract then there is no contract to enforce. Righting a wrong or to prevent unjust enrichment - usually written by fair market value. If you did services and there was no contract to enforce you will pay guy amount for labor he did.