Elements of a Contract
The number of elements required to make a contract
6
a contract statement that may be oral or written
express contract
the exchange of things of value
consideration
Any agreement enforceable by law
Contract
a contract that comes about from the actions of the parties
implied contract
a contract that is legally good
valid
a proposal by one party to another intended to create a legally binding agreement
offer
a contract that contains two promises
bilateral contract
when a party to a contract is able to void or cancel a contract for some legal reason
voidable
the second party’s unqualified willingness to go along with the first party’s proposal
acceptance
a contract that contains a promise by only one person to do something, if and when the other party performs some act
unilateral contract
a contract with no legal effect
void
an agreement is true and genuine: a valid offer is met by a valid acceptance
genuine agreement
the legal ability to enter a contract
capacity
a contract that the court will not uphold, generally because of some rule of law, such as the statute of limitations
unenforceable