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Difference between revisions of "Contracts Overview"
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Contracts are enforceable promises, but not all promises are enforceable. For enforceability, there must be an '''intention to be bound''' by the promise. This intention can be found in what a person says or does, and in the circumstances under which the promise is made. | Contracts are enforceable promises, but not all promises are enforceable. For enforceability, there must be an '''intention to be bound''' by the promise. This intention can be found in what a person says or does, and in the circumstances under which the promise is made. | ||
==== Capacity ==== | ==== Capacity ==== | ||
Each party to the contract must have '''capacity''' — the legally recognized ability, intelligence, and maturity to appreciate the significance of what an adult would understand as being a legally enforceable promise. One area where the qualification of capacity is especially important is for contracts concerning people under the age of 19. These are known as | Each party to the contract must have '''capacity''' — the legally recognized ability, intelligence, and maturity to appreciate the significance of what an adult would understand as being a legally enforceable promise. One area where the qualification of capacity is especially important is for contracts concerning people under the age of 19. These are known as “[[Contracts Made by Minors|infants’ contracts]]”. | ||
==== Agreement==== | ==== Agreement==== | ||
There must be an '''offer''' to contract on '''certain terms''', and an '''acceptance''' of the offer on those terms. A response to an offer that makes any material change in the terms or conditions of the content of the offer is not an acceptance; it is a '''counteroffer'''. | There must be an '''offer''' to contract on '''certain terms''', and an '''acceptance''' of the offer on those terms. A response to an offer that makes any material change in the terms or conditions of the content of the offer is not an acceptance; it is a '''counteroffer'''. | ||
