Management and Organizational Studies 2275A/B Lecture Notes - Lecture 11: Getty Images, Punitive Damages, Estoppel

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In general: in contract law parties attempt to create their own legal rights and obligations. In tort law, rights and obligations are imposed based on a judgment about conduct. A contract is an attempt to make an agreement that the courts will recognize as legally enforceable. The presumption is that individuals are free to agree to do what they please. There are still important elements to establish before an agreement becomes a legally enforceable agreement, in other words, a contract. A contract is not a piece of paper. Simply stated, a contract is an agreement that is legally enforceable. Some like to discuss the creation of a valid contract, but this word. Valid (and i thank professor bruce welling for this observation) is redundant. A contract by defnition is a legally enforceable agreement, if it is not legally binding, it is not a contract. Elements of a contract: intention to create legal relations ofer acceptance consideration capacity legality.

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