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5 Parts to be Legal and Valid Offer and Acceptance: Both parties bring something to the table to offer in a contract
Consideration: The exchange of value between 2 parties Can be monetary or services Examples?
Capacity: Both parties need to have the mental and physical capacity to agree to the contract
Consent: Both parties agree to the terms of the contract being made Implied Contract: Usually Oral contract, no real proof Express Contract: All terms are known, usually written down
What is the biggest decision contract you will ever sign in your life
Lawful Purpose: A lawful (Not Criminal) reason the contract is signed Example: A contract of employment, you work for pay
Breach of Contract: Breaking the contract agreement A few different ways this can happen
Misrepresentation: Statement made by one person concerning a material fact Makes genuine consent impossible
Mistakes: Either clerical or purposeful, information was hidden from parties when signing
Undue Influence: When one person applies inappropriate/manipulation over another person. Example: Tribe V Farrell
Read the case brief on pg.532-533 In a brief response, describe whether you agree with the decision and explain why
Duress: Like undue influence but more extreme, threats of violence, physical force to sign a contract
Performance: Most common way, task is performed and contract expires Examples? Everyday Life
Mutual Agreement: Both parties consent to terminating the contract for reasons they discuss Example?
Impossibility of Performance: The agreement cannot be carried out because of unforeseen circumstance Cannot be listed as a clause in the contract
What are the ways that we get compensated for a breach of contract? We will look at them in a few minutes
Breach of Contract: Occurs when one party does not fulfill its duty that was stated and expected in the contract
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