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Elements of a Legal Contract - Coggle Diagram
Elements of a Legal Contract
2. Consideration
to be legally valid
usually money
something of value passed between both parties
3. Legality of Form
drawn up in certain manner
e.g written format
4. Consent to Contract
if forced or threatened = not valid
enter voluntarily
5. Capacity to Contract
not have capacity: under 18, insane, bankrupt etc.
legal ability & right to enter
6. Legality of Purpose
agreement for illegal activities = not valid
legal activities only
7. Intention to Contract
legally binding = legal repercussions
awareness that contract is legally valid
1. Agreement
acceptance
agree to specific terms of offer, no changes
offer:
promise by person making offer, be bound by offer