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Characteristics of a Contract

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Presentation on theme: "Characteristics of a Contract"— Presentation transcript:

1 Characteristics of a Contract
2.01 Understanding Elements and Characteristics of a Contract

Valid, void, voidable, unenforceable Express or implied Bilateral or unilateral Oral or written

3 Valid, Void, Voidable, Unenforceable
Valid contract Includes all elements recognized by the courts Legally binding Void contract Without legal effect Contracts missing one or more elements Voidable contract One or more parties can get out of contract for some legal reason Contract lacks genuine assent, contracts with minors Unenforceable contract Contract that court will not uphold, usually because of some rule of law Statute of limitations has expired

4 Express or implied Express Implied
Contract statement that may be written or oral Implied Contract that comes about from the actions of the parties

5 Bilateral or Unilateral
Contains two promises Most contracts are bilateral Unilateral Contains a promise by only one person to do something if, and when, the other party performs a certain act Reward offer is most common unilateral contract

6 Oral or written Oral Written
Created by two or more people speaking to each other Written contract terms are written so that both parties know the exact terms Provides proof of existence for the contract Certain contract are required by the Statute of Frauds to be in writing

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