A Contract will be enforced even if all the terms are not clear and definite.
An offer may be stated in words or implied in the actions of the offeror.
The statement “ I would like to sell my computer for $750” is a valid offer.
An offer is ended by rejection when the offeror withdraws an offer.
Anyone who knows of an offer may accept it.
Silence can never indicate the acceptance of an offer.
a promise to make a gift is enforceable in the court of law.
consideration is needed to make a promise legally enforceable.
a promise to refrain from doing something that the law requires is consideration.
Promising to do something you are already required to do is adequate consideration.
a creditor’s promise to accept less than the amount owed as full payment of a debt is legally bonding.
pledges made to a charitable organization cannot be withdrawn.
contracts made by minors are void.
a minor may disaffirm an executed contract.
a person only slightly intoxicated is not considered to be an incompetent party.
public policy is a court’s idea for what is right and wrong.
charging a rate of interest higher than that allowed by law is usury.
an agreement to pay a bribe to a public official is illegal.
all state’s have a law that requires certain contracts to be in writing.
a lease for one year must be in writing.