https://padlet.com/12588668/z1thuih0bibxdbv5 Characteristics of a Contract en-us 2022-02-25 15:24:59 UTC 2022-02-25 15:57:18 UTC hello@padlet.com 12588668 https://padlet.com/12588668/z1thuih0bibxdbv5/wish/2066544325 This is considered legally good
-all elements are recognized by the courts
-legally binding
Ex. You sign a contract to buy a blue horse and you receive a blue horse.]]> 2022-02-25 15:30:02 UTC https://padlet.com/12588668/z1thuih0bibxdbv5/wish/2066544325 12588668 https://padlet.com/12588668/z1thuih0bibxdbv5/wish/2066550623 -without legal effect
-contracts missing one or more elements
Ex. A contract between an illegal drug supplier and a drug dealer.]]> 2022-02-25 15:34:04 UTC https://padlet.com/12588668/z1thuih0bibxdbv5/wish/2066550623 12588668 https://padlet.com/12588668/z1thuih0bibxdbv5/wish/2066554525 -not void by itself, but one or more parties can get out for some legal reason
Ex. A contract was made with a minor.]]> 2022-02-25 15:36:24 UTC https://padlet.com/12588668/z1thuih0bibxdbv5/wish/2066554525 12588668 https://padlet.com/12588668/z1thuih0bibxdbv5/wish/2066558399 A contract that a court will not uphold
-this is due to some rule of law
Ex. The Statutes of Limitations has expired]]> 2022-02-25 15:38:38 UTC https://padlet.com/12588668/z1thuih0bibxdbv5/wish/2066558399 12588668 https://padlet.com/12588668/z1thuih0bibxdbv5/wish/2066565378 A contract stated in words
-may be written or oral
Ex. A man sells newspapers on the street corner and a women gladly accepts to pay for one.]]> 2022-02-25 15:42:51 UTC https://padlet.com/12588668/z1thuih0bibxdbv5/wish/2066565378 12588668 https://padlet.com/12588668/z1thuih0bibxdbv5/wish/2066569066 A contract that comes about from the actions of the party.
Ex. Buying a hotdog at a baseball game]]> 2022-02-25 15:44:43 UTC https://padlet.com/12588668/z1thuih0bibxdbv5/wish/2066569066 12588668 https://padlet.com/12588668/z1thuih0bibxdbv5/wish/2066574889 Contains 2 promises, 1 by each person.
-most contracts are this
Ex. When you buy a car you agree to pay a certain price in exchange for the car.]]> 2022-02-25 15:48:13 UTC https://padlet.com/12588668/z1thuih0bibxdbv5/wish/2066574889 12588668 https://padlet.com/12588668/z1thuih0bibxdbv5/wish/2066578339 Contains a promise by one person to do something if, and when, the other party performs a certain act
-oral or written
-silence is not a form of acceptance
Ex. This is any insurance contract.]]> 2022-02-25 15:50:24 UTC https://padlet.com/12588668/z1thuih0bibxdbv5/wish/2066578339 12588668 https://padlet.com/12588668/z1thuih0bibxdbv5/wish/2066583337 Created by 2 or more people speaking to each other
Ex. Contractor comes to your house saying it will take $5,000 to remodel your bathroom and you both agree on the deal.]]> 2022-02-25 15:53:19 UTC https://padlet.com/12588668/z1thuih0bibxdbv5/wish/2066583337 12588668 https://padlet.com/12588668/z1thuih0bibxdbv5/wish/2066590616 Contract terms are written so that both parties know the exact terms
-provides proof of existence for the contract
-certain contracts are required by Statute of Frauds to be in writing
Ex. When you make a promise to pay someone's credit card, it has to be written.]]> 2022-02-25 15:57:18 UTC https://padlet.com/12588668/z1thuih0bibxdbv5/wish/2066590616