Business law study guide Contracts– Chapter 10-11: ? Elements of a Valid Contract and meaning of each...

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General Management

Business law study guide
Contracts– Chapter 10-11:
? Elements of a Valid Contract and meaning of each element –offer acceptance consideration
Mirror Image Rule
Mailbox Rule
Defenses to a Valid Contract
Conditions of a Contract and what will excuse performance of acontract
Acts that will discharge performance of a contract
Remedies – equitable and damages
Three exceptions to privity of contract – assignments,delegation, and intentional third party beneficiary
Parts of a contract
Ability to locate certain provisions in a contract and theirmeaning.
Shrink wrap, Click-On, Browse Wrap, Smart Contract

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1 Elements of a contract can be explained as follows Offer There should be an offer made from one person to the other which is the first element to form a contract The offeror should presnt to the party what he has as a proposal for them to understand and sccept Acceptance Once the offer is made it has to be accepted by the other party only after which the contract will come into existence to form by going through the other elements of it See Answer

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