CONTRACT LAW

To be considered legally sufficient, consideration must be something of value in the eyes of the law.

A contract is an agreement that can be enforced in court.

A contract is valid only if both of the parties entering it have the legal capacity to do so.

One of the requirements of a valid contract is an adequate consideration.

A void contract is one that cannot be legally enforced because of certain legal defenses against it.

A contract entered into by a mentally incompetent person can be valid if the person had capacity at the time the contract was formed.

Contracts for sales can be oral or written, express or implied.

When you signed the contract, an enforceable contract is created.

An agreement includes an offer and an acceptance.

Consideration, in contract terms, refers to a party's competency to enter into a contract.