BBG E231 Lecture Notes - Lecture 12: Language Barrier, Contract
Document Summary
The first element of a contract is agreement: offer and acceptance there has to be an offer and an acceptance. (there is a lot that goes into what an offer is). With agreement it can be explicit/express, or implied. Express through words or spoken, or implied through behavior. If u have an offer and acceptance, then u have an agreement. And the first element is met: consideration. U need an exchange; a give and a take. Ex: i promise to sell u my house. You say great! ur missing the exchange, u didn"t promise money in return= so there"s no consideration. If i promise to sell u my house and u never promise me money in exchange, there"s no consideration. If i promise to sell u my house and u say great! U need a give and a take, u need to have a legal exchange. For this reason, a will is not a contract.
