Concepts
Elements
100

A social promise with no intention to create legal relations.

What is an Agreement?

100

Something of value that must be exchanged.

What is Consideration?

200

When one party fails to perform their part of the agreement.

What is a breach of contract?


200

A Contract becomes valid at the point in time the person emails the response.

What is Acceptance by email?

300

Contracts that are imposed on someone by law.

What is a contract of record?


300
Anyone entering into a contract must be of sound mind.

What is Capacity?

400

When is a contract valid in an action sale?

What is when the hammer falls.

400

Persons entering into a contract must be honest at all times.

What is good faith?