LGS 200 Study Guide - Midterm Guide: False Imprisonment, False Light, Infection
23 Aug 2016
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Contract = a promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty. Agreement: includes an offer and an acceptance. Consideration: any promises made by the parties to the contract must be supported by legally sufficient and bargained-for consideration (something of value received or promised, like money, to convince a person to make a deal) Contractual capacity: possess characteristics that qualify each party as competent. Legality: accomplish some goal that is legal and not against public policy. Bilateral = a promise for a promise. Unilateral = a promise for an act. Formal = requires a special form for creation. Informal = requires no special form for creation. Express = formed by words (oral, written, or combination of both) Implied-in-fact = formed by the conduct of the parties.
