Slide 2:
Contractual Capacity – both parties should be considered competent. This is usually determined by the court.
Legality – the purpose of the contract must be legal.
Genuineness of assent- misrepresentation,
a mistake, duress, or undue influence were present.
Slide 3:
Legal Form – contracts must state:
Date
Duration
Persons involved
Consideration
Terms of agreement
Intent
Signatures
* All contracts are made public record.
Slide 4:
Void contract – missing one or more of the elements
Valid contract – contains all elements
Voidable contract – can be enforced or avoided by one of the parties.