Transcription of Unit 6 – Contracts - NCSU
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Unit 6 – Contracts - NCSU
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. The parties must be over the age of majority (18 under most state laws) and have sufficient mental capacity to understand the significance of the contract . Regarding the age requirement, if a minor enters a contract , that agreement can be voided by the minor but is binding on the other party, with some exceptions.
the terms of the contract, unless the contract contains an integration clause (the contract specifically states that the contract may not be contradicted or supplemented by outside written or oral negotiations or agreements). VII. Remedies for Breach If one party fails to perform a duty under a contract, he is said to have breached the contract.
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