Understanding Legal Issues in Contracts
This is the first step in analyzing a question, identify the legal issues that raise the facts. A valid contract requires the consideration be valid or legal. The rules of impediments apply if a minor fraudulently expresses age older than real when making a contract. Contract qualifications consist of components. Contracts include clauses that define responsibilities and obligations. When the consideration is illegal a contract with illegal consideration cannot be enforced.
Exploring Contract Law Examination
As a student of contract law, it is essential to prepare yourself for answering contract law questions in an exam. Here are some tips on how to answer contract law questions in an exam:
- Read the instructions and questions carefully.
- Identify and explain the relevant legal principles and rules.
- Apply the law to the facts of the question.
- Follow IRAC structure.
- Manage your time wisely.
Rules of Contract Law
What are the 4 rules of contract law? The most basic rule is that a contract exists when one party makes an offer and the other accepts. Contracts can be oral or written. Statute law may require contracts be written and signed. Common law governs transactions with intangible assets, real estate, employment, services, and insurance. UCC governs transactions with tangible goods.
Additional Information
Is a financial agreement subject to contract law? Yes, a financial agreement is like any other contract, subject to normal contract law principles. Verbal agreements can be legally binding. Parties may presume they’re not binding but generally law views them as such. Basic contract principles: offer, acceptance, consideration. Contract law governs agreements related to exchange of goods, services, property or money. A promise made in return for gain/advantage is legally binding. Failing to abide even by mistake can cause problems.