Define “contract” and briefly describe the four essential elements necessary for a valid contract to be executed.
A contract is an agreement between two or more parties that is enforceable in court. The four essential elements of a valid contract are capacities of the party involved, mutual agreement or assent, consideration and legality of subject matter.
Identify and describe the various ways that a contract can be classified.
Contracts can be classified broadly into three categories- 1) By type of formation, 2) By type of performance and 3) By enforceability. What is meant by a “mistake” within the context of a legal contract? Describe the different types of mistakes that exist. How do each of these types of “mistakes” impact the enforceability of the contract? In the process ...
