BUSINESS LAW - CONTRACT LAW QUESTIONS AND ANSWERS, GRADED A+

BUSINESS LAW - CONTRACT LAW QUESTIONS AND ANSWERS, GRADED A+ Contract - -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 co