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6 Cards in this Set
- Front
- Back
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Offer and Acceptance: Offerer- person who makes the offer. Offeree-person to whom the offer is made. |
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Genuine Assent: the agreement MUST NOT be based on, -one party's deceiving another -an important mistake -the use of unfair pressure exerted to obtain the offer or acceptance |
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Legality: Agreement cannot involve a crime. Agreement cannot involve a tort. |
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Consideration: Both sides receiving what the law considers value in some form as a result of the transaction. |
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Capacity: parties must have the legal ability to contract for themselves. parties without capacity. -Not legal age to enter the agreement -Under the influence when signing the contract Lack the mental capability to enter the contact |
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Writing: Contracts should be in writing to be enforced by the court of law. |
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