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    azr
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    Contracts require 4 key elements: 1) intent to create a legal relationship, 2) agreement between both parties that is serious in nature, 3) consideration in the form of an exchange of promises or performance, and 4) the promises or performances cannot be illegal or immoral. Contracts are formed through informal agreements and promises between parties, but not all promises constitute a legally binding contract. For a promise to be an enforceable contract, there must be an intent to create a legal obligation and consideration in the form of a bargained-for exchange between the parties.

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    Contracts require 4 key elements: 1) intent to create a legal relationship, 2) agreement between both parties that is serious in nature, 3) consideration in the form of an exchange of promises or performance, and 4) the promises or performances cannot be illegal or immoral. Contracts are formed through informal agreements and promises between parties, but not all promises constitute a legally binding contract. For a promise to be an enforceable contract, there must be an intent to create a legal obligation and consideration in the form of a bargained-for exchange between the parties.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    14 views4 pages

    Contract by Harvard

    Uploaded by

    azr
    Contracts require 4 key elements: 1) intent to create a legal relationship, 2) agreement between both parties that is serious in nature, 3) consideration in the form of an exchange of promises or performance, and 4) the promises or performances cannot be illegal or immoral. Contracts are formed through informal agreements and promises between parties, but not all promises constitute a legally binding contract. For a promise to be an enforceable contract, there must be an intent to create a legal obligation and consideration in the form of a bargained-for exchange between the parties.

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    © All Rights Reserved
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    of 4

    Contractin (AW

    ByHarvard University
    ACC: Surneits
    What is Contract Fourprinciple theiden of notall
    promises are continct
    2. Legal
    illegal!
    Monk
    and

    immoral?

    ↳Cordinated insenwezw 1. Intent


    to create Legal Relation (Promises + Enrgnin) 4. Zift When promised which
    Bargain
    are
    or

    Exchange for nothing


    Codinated Overtime involve
    trust Informal friendlyinterchange (Thereis no
    *
    Bargain
    ↳ Promises ↳ then its nota contract
    ↳ Notkind of things that people thinkits going to create legal Relation

    COWLO Nobody think these should end in court


    up

    deadweightLoss arision of smith


    2. Both sides serious
    The ladderof trust ↳ If the contract was notserious. If it's Frolic and banter

    then the court wouldnotbe fuss aboutthe law won'tenforces,

    Credit Contract (governmentstand for Es. Pepsi Case


    A Contractare promises of
    Pepsihas promotion to earn pepsi point to buystuff
    Money
    a

    ↳ pointfor jetJet
    Im was 21M$
    ↑ kepsisaid "this a serious
    was not offer promise.
    Traded overtime OWL= Trust

    ↑
    SWAP
    E
    Unde Promises Postv. Jones Whaling case
    ↳
    and sinkedy
    if itwas onlythe then it unenforceable
    gift 3
    ships
    Auction

    But if there was a Bargain Exchange abarrel


    The Auction was e4CASWorth
    Then the law will stood behind it.
    Not the common contractlaw (admitality jurisdiction
    W says if ships came upon a distress ships -
    salvage
    Brotherin Law cases the salvage bring the goods backto the share and exin

    half worth of that the freight notjustlike you found


    She didn'thave to expense all these it doesn'tmatter good to

    and the brotherinlaw doesn'tcare, she didn'thave to do all that the goods in the middle of reean!!

    the low said: there was no exchange; staff


    thrown Overboard total:100,000 $
    promise to make gift
    -50,000
    just General Average
    -
    a a
    Amanda:20,0004

    S
    remnin 50,000 $
    Miss 200$
    Bat*is v. Dematsis thrown heavy cargo - save lighter,more valuable Barry:

    total1800s,
    E.
    2,000$ 50% int
    also the was so e
    "

    300,000 remaining
    +

    Om. or to

    ex 58,000 100
    2 -

    Marble:300
    worth es they aboutrisk being compensated -
    get
    7/18
    squad
    100
    x
    are
    =

    ppl whose cargo ppl whose

    the foreign money exchange was fluctuate gotthrown cargo survived


    biwasich

    Annuity insurance
    company
    Christmas shop Onesided promises
    ↳ one-sided obligation
    cost from accident injured 600k
    one =
    ↳similarto canneries case
    both sided are free so even if either side quit
    profitie from others expenses
    Annuity per month/year
    -

    its unenforceable.

    Empty bag bing &bound, mutual

    *it seemslikehehasn'tagreedfor anything X Bari et

    A lack of mutuality hebound himself to


    nothing
    -

    -
    the dead weight loss occurs when both side are worse off
    Real Pargain? ↳
    I, to prevent the dead weightloss the A shouldve said that they will be considerit

    canned fish - ships 2.


    taking to dinneris also a
    binding to be a consideration

    The workersign contract forsoy in Santian

    ↳ Bargain 1009
    1. the workers lost - no
    exchange

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