Transcription of Unit 6 – Contracts
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Unit 6 – Contracts
1 Unit 6 Contracts I. Definition A contract is a voluntary agreement between two or more parties that a court will enforce. The rights and obligations created by a contract apply only to the parties to the contract ( , those who agreed to them) and not to anyone else. II. Elements In order for a contract to be valid, certain elements must exist: (A) Competent parties. In order for a contract to be enforceable, the parties must have legal capacity. Even though most people can enter into binding agreements, there are some who must be protected from deception.
forming the contract (lease). V. Exceptions to the Writing Requirement A negative result of requiring that certain contracts be in writing is that a person could make an oral promise with the intent of breaking that promise later on the grounds that it was not in writing, as required by the Statute of Frauds. To prevent this unfair
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