Contracts can be oral or in writing. Learn what makes a contract.
Contract law derives from explicit legislation and from courtroom precedence. Explore the two types of law that govern contracts.
Contracts can be formed by parties exchanging words or by actions. Learn the different ways a contract can be formed
A key element of contracts is understanding whether or not the contract has been executed
Enforceability and validity are important for courts to uphold contracts.
Certain contracts are voidable and are not valid.
Three essential elements are neccessary to form a contract: Offer, Acceptance, and Consideration.
The Offer is the first step to contract formation.
Before a contract can be executed, the offer must be accepted.
Parties must have the same understanding of a contract to have a meeting of the minds.
Both parties must exchange something for a contract to be enforceable.
Learn which parties are not permitted to enter contracts.
Explore what makes a contract enforcement.
A brief explanation of the effect of a mistake by either or both parties in forming a contract.
Learn the limitations of verbal contracts and when they must be in writing.
Understand the obligations parties have under a contract.
Learn important performance concepts.
Learn the different ways a contract may come to an end.
Understand how parties can be waived or released from performing a contract.
Learn the concept of breach of contract and the award of damages or other remedies provided by the courts.
Explore the types of damages that a party may be responsible for as the result of a contract.