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Law of contracts
Definition
The simplest, most accurate definition of a contract is: A contract is an agreement that the courts will recognize and enforce. What do the courts require to recognize and enforce the agreement? The following list represents the elements of enforceability for most contracts.
1. A valid offer
2. A proper acceptance
3. Sufficient consideration
4. Absence of fraud, force, or legally significant mistake
5. Legal capacity of parties
6. Consistency with general public policy
7. Observance of proper legal form
9. Consistency with special rules governing the type of agreement involved
Several basic points regarding the true nature of contract must be made. First, almost all contracts are voluntarily carried out by the parties to their mutual satisfaction, so the judicial system never becomes involved. Second, the mere fact that one has a legal right to sue for breach of contract does not mean that it is a sound business decision to do so. Before any suit is filed, factors such as likelihood of again doing business with the other party, industry attitudes about litigation businesses, relative economic strength of the parties, and alternative private means of resolving the dispute should be considered.
Law of contracts
Definition
The simplest, most accurate definition of a contract is: A contract is an agreement that the courts will recognize and enforce. What do the courts require to recognize and enforce the agreement? The following list represents the elements of enforceability for most contracts.
1. A valid offer
2. A proper acceptance
3. Sufficient consideration
4. Absence of fraud, force, or legally significant mistake
5. Legal capacity of parties
6. Consistency with general public policy
7. Observance of proper legal form
9. Consistency with special rules governing the type of agreement involved
Several basic points regarding the true nature of contract must be made. First, almost all contracts are voluntarily carried out by the parties to their mutual satisfaction, so the judicial system never becomes involved. Second, the mere fact that one has a legal right to sue for breach of contract does not mean that it is a sound business decision to do so. Before any suit is filed, factors such as likelihood of again doing business with the other party, industry attitudes about litigation businesses, relative economic strength of the parties, and alternative private means of resolving the dispute should be considered.