4 requirements that constitute a contract are...
 

4 elements of a Contract

1, Consideration
2, Legality,
3, Agreement
4, Capacity


True story

Now, I know 95% of you will mis-interprit the term 'consideration'

It means you get something, or gain something in return.


Me saying "I'll give you a $10" isn't a legally binding contract. I don't gain anything.

If I were to say "I'll give you $10 to make a post on HAN about your undying love for me" and you accepted, and you had the ability to (obviously you can, since you can post on HAN) and its not illegal, that would be legally binding.

Agreements can be written, or oral.


- I have a test on this stuff, and a whole bunch more in an hour :(

In that case, AcuraFanatic owes me 20 bucks :mad:

test? from what class? law major? or what? i've been dealing with contracts all summer it gets tidious and very techinical but its cool i like it.

Its a general requirement class for the business school of my university.

I'm a Info Systems and Ops Mgmt major.

The class is a management class that covers business law

cool..yea i'll be dealing with that come september but no GE, i'll be takin upper devision courses now...i hated all my GE except for my economy classes. plus GE are just weeder classes usually.

Illusory Promise - "I'll give you my car for $50, if I feel like it"

is not legally binding

me learned that in business law :oh:

:stupid:

i did not like bus law

Man, I loved bus law. Made me decide to go to law school. Socratic method is the shiznit.

Camo, how'd the test go? Have you gotten to the UCC yet? How about shipping arrangements, those are kind weird.

Test went ok. Hard part is the essay part of the test, we are given a situtation and have to give the specific statute and law that relates to the article, and point out each individual point that would have to be made to win a lawsuit, and then decide what the outcome would be, strictly on the facts. We have to do two of those each test, in addition to muliple choice, and fill in the blank stuff.

Thats where I missed most of my points last test, the essays.


No havn't done anything with UCC yet, because I don't know what the hell UCC is, same with shipping arangements, nothing on them.

I really like this class. If I wasn't already set in what I am going to do, and wanted to go to school for a million more years, I'd consider law school.