An Introduction to Contracts
Introduction to Contract Law
Contract: An agreement between two parties that is enforceable in a court of law.
An Agreement: An agreement is composed of an offer to enter into a contract and
acceptance of that offer.
Complete: Agreement must be complete; Certain.
Deliberate: Both parties must want to enter into a contractual relationship.
Voluntary: Freely chosen; not involve coercion or other forms of serious unfairness.
Between two or more competent persons: Must be at least two parties to any contract,
who must have legal capacity. General rule; only parties to a contract can sue and be sued
Supported by mutual consideration: Each party must give something of value in
exchange for receiving something of value from the other party.
Not necessarily in writing: Even oral contracts are enforceable. Some contracts must be
in writing… i.e. Land.
Contract law ensures that each party gets what it has bargained for.
A contract contains Binding Promises:
Through a Contract (Chapter's Case Example):
Makes binding promises concerning price, quantity, and delivery of tracking to
Makes a binding promise to pay the purchase price to Trackers.