Unit 3: Contract Law

An agreement between private parties creating mutual obligations enforceable by law.  The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.  In some states, element of consideration can be satisfied by a valid substitute.  Possible remedies for breach of contract include general damages, consequential damages, reliance damages, and specific performance.   

This unit covers the basics of contracts and the components necessary to form a valid contract. 

At the end of the unit you will be able to...

• explaint the nature of a contractual relationship

• recongnize the responsibilites created by a contract

• identifty the elements that are necessary in a contract

• list the elements required to create a contract

• create unique exampels of elemens included in a contract

• analyze a contract determine if it is legal or illegal

• analyze the relationship between contract law, law of sales, and consumer law

• analyze the relationships between contract law, law of sales and consumer law 

• analyze the relationship between ethics and the law and describe sources of the law, the structure of the court system, different classifications of procedural law, and different classifications of substantive law. 

• differentiate among contractual characteristics (e.g., bilateral and unilateral, express and implied, and oral and written)

• explain how offer and acceptance can create contractual rights and duties

• identify categories of people who lack contractual capacity 

• describe breach of contract 

• describe the remedies available when a contract is breached

Contract Resources

Business Law Textbook

Contract Website Activity