Explain the purpose of contracts

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Reference no: EM133205651 , Length: 1 page

Define a contract.

Describe the nature of contracts.

Explain the purpose of contracts.

Ensure that the six elements are present when reading or writing up a contract.

Identify the different types of contracts and apply them appropriately.

Identify the status of a contract and the effects on a particular transaction.

Be able to identify whether a contract is valid, void or voidable.

VOCABULARY:
Contract
Mutual
Competent
Express
Implied
Entire
Divisible
Void
Voidable

CONTENT:

List the six elements necessary for a contract to be valid.

What is the main difference between an express contract and an implied contract?

What is the difference between a void contract and a voidable contract?

ASSIGNMENT:
You have an oral agreement with your friend to buy his motor vehicle. He has not given you a definite price for the vehicle, but you relied on his word that he will sell the said vehicle to you. He later sells the vehicle to another friend.
Do you have a valid contract with him? Explain why.

Reference no: EM133205651

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