Contract Law

1. Elements of a Valid Contract

1.1. consensus

1.1.1. offer

1.1.1.1. acceptance

1.2. consideration

1.2.1. specific

1.2.1.1. Legal

1.2.1.1.1. In the Present

1.3. Capacity

1.3.1. Age

1.3.1.1. Sobriety

1.3.1.1.1. Sanity

1.4. Legality

1.4.1. Formed

1.4.1.1. Preformed

1.5. Intention

2. Types of Contracts

2.1. Bilateral

2.1.1. Both parties create obligations

2.1.1.1. Contract in effect when promises exchanged

2.2. Unilateral

2.2.1. No excahnge of promises

2.2.1.1. Contract in effect when a party preforms the act that is requested

3. Factors affecting a contacts

3.1. A Void Contract

3.1.1. Not valid from the strat, not legally binding

3.2. A Voidable Contract

3.2.1. Valid Contract, but enforcement isuues

3.3. Unfair Contracts

3.3.1. Duress

3.3.1.1. Unconsciable transcation

3.3.1.1.1. Undue influence

3.4. Misrepresentation

3.4.1. Innocent

3.4.1.1. Neglient

3.4.1.1.1. Fraudulent