SMG LA 245 Lecture Notes - Lecture 3: Estoppel, Bailment, Parachuting
22 Oct 2018
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Offer - all contracts begin when a person or a company proposes a deal (offeror) Acceptance - once a party receives an offer, he must respond to it in a certain way (offeree) Consideration - there has to be bargaining that leads to an exchange of value between the parties. Legality - the contract must be for a lawful purpose and comply with the requirements of the law. There are also certain types of agreements that have to be in writing to be enforceable. Breach - there are consequences when one party breaches (breaks) a contract and usually the plaintiff will want monetary damages. Capacity - the parties must be adults of sound mind. Consent - certain kinds of trickery and force can prevent the formation of a contract. Writing - while verbal agreements often amount to contracts, some types of contracts must be in writing to be enforceable.
