Contract Law Fundamentals

According to the restatement (second) of contracts, a promise or set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty.

A set of legally enforceable promises

• contract

• agreement

• implied contracts

• business law

What are the four elements of a contract?

• agreement

• consideration

• contractual capacity

• legal object

• duty

The ____ consists of an offer by one party, called the offeror, to enter into a contract, and an acceptance of the terms of the offer by the other party called the offeree.

Defined as the bargained for exchange. It is what each party gets in exchange for his or her promise under the contract.

The legal ability to enter into a binding agreement.

The contract cannot be either illegal or against public policy.

What are the two defenses to a contract?

• lack of consideration

• lack of genuine assent

• lack of capacity

• lack of proper form

A contract is supposed to be entered into freely by both parties, but sometimes the offeror secures the acceptance of the agreement through improper means, such as fraud, duress, undue influence, or misrepresentation. What defense of a contract is this an example of?

Typically means a contract lacks a writing.