BLAW 3201 Study Guide - Midterm Guide: Real Estate Broker, Otto E. Neugebauer, Fire Alarm System
Document Summary
Contracts: contracts are obligations which we choose to enter, a contract is a binding agreement between 2 parties. Offer and acceptance with giving something up of value on both ends. Not every agreement is a contract many agreements are not binding: must have 4 elements to legally be a contract: Mutual assent the parties to a contract must manifest by words or conduct that they have agreed to enter into a contract. Consideration each party to a contract must intentionally exchange a legal benefit or incur a legal detriment as an inducement to the other. Giving up a legal right to do something is a detriment see. Legality of object the purpose of a contract must not be criminal, tortuous, or otherwise against public policy. Capacity the parties to a contract must have contractual capacity. Sale the transfer of title from seller to buyer. Goods tangible personal property (personal property is all property other than an interest in land)
