Elements of a Contract
This element refers to an agreement between parties.
What is mutual Assent?
This type of contract is formed by spoken or written words.
What is an express contract?
A defense claiming that a party was not mentally competent.
What is lack of capacity?
This occurs when one party fails to perform their obligations.
What is breach of contract
The most common remedy, aiming to restore the injured party.
What is damages?
This element involves something of value exchanged in a contract.
What is consideration?
An agreement that lacks a formal written document.
What is an implied contract?
When one party uses fraud to induce the other to enter a contract.
What is misrepresentation?
A breach that is minor and does not significantly affect the contract.
What is a partial breach?
This type of remedy involves fulfilling the terms of the contract.
What is specific performance?
This element requires parties to have the legal capacity to enter into a contract.
What is competency?
A contract that remains unperformed by one or both parties.
What is an executory contract?
A defense due to coercion or undue influence.
What is duress?
A major breach that allows the other party to terminate the contract.
What is a material breach?
A remedy that allows for cancellation of the contract.
What is recession?
A contract must have a lawful purpose.
What is legality?
A contract that can be enforced by either party.
What is a bilateral contract?
This defense involves an error in the contract terms.
What is mutual mistake?
This type of breach occurs before the due date.
What is an anticipatory breach?
A remedy that provides compensation for indirect losses.
What is consequential damages?
The initial agreement must be clearly stated in this form.
What is an offer?
A contract that one party can void.
What is a unilateral contract?
A legal defense that states the contract is invalid due to non-compliance with laws.
This term refers to a party's failure to fulfill contractual duties.
What is nonperformance?
This remedy aims to prevent future breaches.
What is injunction?