Contracts


Questions to Consider

Consider these questions while reading this module:

What are contracts?
What is the difference between
  • bilateral v unilateral contracts?
  • express v implied contracts?
  • void, voidable and unenforceable contracts?
  • executed v executory contracts?
What are the elements of a valid contract?
What is required for the “agreement?”
What is the “mirror image” requirement?
What is “consideration?”
What is “capacity” and what categories of individuals lack contractual capacity?
What does it mean that a contract have a “lawful purpose?”
What is an exculpatory clause and when is it enforceable?
What are the “assent” defenses that negate the genuineness of assent by showing that there was no “meeting of the minds”?
What is mistake? Fraud? Duress?
When must contracts be in writing?  What is needed to satisfy the "writing" requirement?
When is performance required? When is it excused? What is a “force majeure” clause and how does it operate? 
What remedies are available for breach of contract?
What are compensatory, consequential, and liquidated damages?
What does “mitigation of damages” mean and when is it required?
What are the equitable remedies of specific performance, reformation and injunctive relief?
What transactions are governed by Article 2 of the UCC? What are some ways that the UCC changes the common law of contracts? Why?