2. »The legal definition of a contract is a
promise (or set of promises) that,
when breached by one party, gives
the other party a legal remedy.

3. » Agreement that can be enforced in court.
» Formed by two or more parties (promisor and
promisee).
» Failure to perform results in breach and
damages.

5. A promise for promise
a promise for act
Require special foam for creation
Require no special foam for creation
Formed by words
Formed at least in part by the parties
conduct

6. » Offeror and Offeree
exchange promises to
each other.
» A contract is formed
when Offeree promises
to perform
» Offeror wants
performance in exchange
for his promise.
» Contract is formed when
Offeree performs.
» Contests and lotteries are
examples.

8. » terms of contract are set forth either in writing or
orally.
» based on conduct.
» Plaintiff furnished service or product.
» Plaintiff expects to be compensated.
» Defendant had a chance to reject and did not.

10. Four Elements: Agreement, Consideration, Legal
Purposes, Parties have legal capacity.
Valid contract that is legally defective and can be
avoided (rescinded) by one of the parties.
No contract at all.

11. of a valid offer and acceptance.
is the Offeror s promise to perform.
Serious, objective intention.

12. » Consideration is value given in return for a promise.
» Something of legally sufficient value given in
exchange for a promise and
» That is bargained-for-exchange between the parties.
» Courts generally do not look for “how much”
consideration” is given