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law of contract

5TH YEAR BUSINESS

QuestionAnswer
what is a contract a legally binding agreement
name the parties to a contract agreement, consideration, capacity, consent, intention, legality of form, legality of purpose
what is consideration something of value that passes between the parties
offer + agreement = acceptance
when might consent to absent if person is drunk, insane or bankrupt
name 4 ways a contract can be terminated performance, breach, agreement, frustration
what are the remedies for breach of contract sue for damages, cancel the contract, specific performance
what is a condition in a contract an essential element
people having the legal right to enter into a contract is called capacity to contract
Created by: hfcs 5