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Contracts • Formation Requirements
K#009
Legal Definition
A contract is a legally enforceable agreement.
Plain English Explanation
A "contract" is not a specific thing, it is a result. People tend to think that a contract is a piece of paper, with legal terms, and signatures. That is just one type of contract where everyone had enough sense to write things down. But contracts can be just as enforceable if they are implied or oral.
In other words, when you think about contracts, don't get locked into trying to spot an explicit result that they exist. Instead, look for any evidence that a party has the legal ability to enforce the terms of an agreement against another party. On exams, if you see any part of a contract (an offer, an acceptance, or consideration), be mindful to look for arguments that the other parts exist as well.
In other words, when you think about contracts, don't get locked into trying to spot an explicit result that they exist. Instead, look for any evidence that a party has the legal ability to enforce the terms of an agreement against another party. On exams, if you see any part of a contract (an offer, an acceptance, or consideration), be mindful to look for arguments that the other parts exist as well.
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