Contract Elements
-:- A contract is a legally enforceable agreement (offer and acceptance). Voluntarily
entered between 2 or more competent parties to do or not to do something that is
possible to be done, that is not unlawful and that is supported by consideration.
Express Contract
-:- A ...
✓ -:- - When a minor enters a contract, the contract can be canceled by the minor, or
someone on behalf of the minor.
- If it's a perishable item or a necessity (food, medicine, etc) it cannot be canceled.
- Contracts with minors require a co-signor (in most cases)
- Depending on crimes, sometimes minors can go through trial as adults (within criminal
law)
Breach of Contract
✓ -:- -Failure to perform duties (Non performance or delayed)
-Unreasonable or Defective performance
-Affected party has a duty to reduce the damages that they suffered
Remedies for Breach of Contract
✓ -:- -Legal remedy- (damages) money for economic damages only
-Equitable remedies- specific performance, injunction
Agreement (Offer and Acceptance)
✓ -:- -Contract formation requires mutual assent to the same terms by the
participating parties.
-Recipients of the communications should have reasonably understood
2|Page | Grade A+| 2024/2025
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