LAW 3220 Lecture Notes - Lecture 2: Quasi-Contract, Meeting Of The Minds, Pepsico
Document Summary
Chapter 6 (6-1) the elements of contracts (mutual assent, capacity to contract, consideration, legal purpose) Mutual assent: there must be an offer and agreement between the parties. Capacity to contract: the parties must be of proper age and mental competence. Consideration: there must be a bargained-for exchange of goods and/or services. Legal purpose: the reason and outcome of the contract must be legal. Will the outcome of the contract accomplish a legal purpose? (6-4) apply the correct source of law to individual contracts. State common law: govern all contracts for services or real estate. Contracts for services: examples- legal, accounting, or engineering. Real estate: such as an agreement of sale for an office building or a lease for a commercial retail space. State statutory law: govern contracts for goods or products- defined items that are movable at the time of identification in the contract.
