Should be more on contract law today. Not very happy with the math test this morning, but I don’t think it will kill me. Work is still frustrating; haven’t been able to get ahold of the IT guy to get access to the actual files I’m supposed to be using. No lunch today, either.Elements of a Contract
- Agreement
- Consideration
- Legal Capacity
- Legal Purpose
Contracts are not valid until both sides have received consideration. Consideration means something of legally sufficient value is given in exchange for a promise; generally the amount of consideration must be legally bargained for. Pg. 254
Consideration must be payment, not a gift. Gifts are not consideration. Consideration must be legal. Consideration must be mandatory; if either party can opt not to perform their consideration, that is not consideration. Discharging pre-existing duties is not consideration. Discharging moral duties is not consideration. Past consideration cannot be considered enforceable consideration.
Revocation of a contract: PG. 235
- Offers can be revoked at any time before acceptance, unless the offer is irrevocable.
- Option contracts, merchants’ firms offers,
Acceptance of a contract: Pg. 237
For a contract to be valid, there must be genuineness of intent, meaning both parties must sincerely wish to enter into the contract.