6 terms

Flash cards

offer and acceptance
There must be a serious, definite offer to contract. The terms of the offer must be accepted by the party whom it was communicated.
genuine assent
The agreement (offer and acceptance) must not be based on one party's deveiving another, on an important mistake, or on the use of unfair pressure exerted to obtain the offer and acceptance.
What the parties agree to must be legal. So an agreement to pay someone to commit a crime or tort cannot be a contact.
The agreement must involve both sides receiving something of legal value as a result of the transaction.
To have a completely enforceable agreement, the parties must be able to contract for themselves rather than being forced to use parents or legal representatives.
some agreements must be placed in writing to be fully enforceable in court

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