SMG LA 245 Lecture 27: LA245ContractLaw
Document Summary
A contract is merely a legally enforceable agreement. People regularly make promises, but only some of them are enforceable. For a contract to be enforceable, seven key character- istics must be present. We will study this checklist at length in the next several chapters. All contracts begin when a person or a company proposes a deal. It might involve buying something, selling something, doing a job, or anything else. But only proposals made in certain ways amount to a legally recognized offer. Once a party receives an offer, he must respond to it in a certain way. There has to be bargaining that leads to an exchange between the parties. Contracts cannot be a one-way street; both sides must receive some measureable bene t. The contract must be for a lawful purpose. Courts will not enforce agreements to sell cocaine, for example. The parties must be adults of sound mind.
