1. Explain what makes an agreement a legally enforceable contract.
An agreement is a legally enforceable contract when they impose both rights and responsibilities on each party.
2. List the five essential elements of a contract.
The five essential elements of a contract are: offer and acceptance or a "meeting of the minds," consideration, capacity, genuine consent, and legal purpose.
3. What forms can a simple contract take?
Simple contracts can be verbal, written, or implied by conduct or performance.
4. Distinguish between an express contract and an implied contract, using original examples.
Express contract- is one in which all terms and conditions are defined clearly; these are both verbal and written contracts. Ex. The landlord presents Joe with a preprinted lease on the apartment Joe wants and Joe agrees to the terms and signs it.
This is an express, written contract.
Implied contract- nothing is stated or written precisely.
Ex. You go into the college bookstore, pick up a 20 oz. bottle of Pepsi, take it to the cashier, pay for it and walk out of the store without a word being said.
5. What is the significance of a seal on a contract?
If there is a seal on the contract then it means that both the parties gave serious thought to entering the contract, that both parties are aware of their rights and responsibilities in the contract, and that both fully intend to complete their legal obligations.
1. In a contract, who is the offeror, and who is the offeree?
The offeror is the person making the offer and the offeree is the person accepting the offer.
2. Explain the term "meeting of the minds" as it relates to the laws of offer and acceptance.
The term "Meeting of the minds" relates to...