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Contracts • Introduction
K#000
Legal Definition
People make lots of promises. We promise our parents we'll do good in school. We promise our loved ones we'll be there when they need us. We promise our pets that we will be "right back" from the store. When promises are broken, feelings may get hurt, but the law doesn't always care. In fact, for many promises, the law and courts couldn't care less whether or not someone follows through with their word. It's only certain kinds of promises that have specific elements and circumstances which are legally enforceable through the courts. These kinds of special promises are called contracts.
Contract law generally boils down to a few important concepts. The first major one is, "Does a contract exist?" To answer this, you'll need to look through the fact pattern and identify the three essential elements of a legally enforceable contract: an offer, an acceptance, and consideration. If a contract does appear to exist, you'll want to figure out whether it should exist. A contract that was formed improperly is a contract that can be defeated in court. If you find yourself with a valid, formed contract, then the next thing to try to figure out is whether there is any reasonable excuse that the parties may have to avoid fulfilling their promises and, if not, what are the consequences for their failure to perform.
One thing to be mindful of and appreciate when it comes to contract law is that it is often tested in a more ideal world than you are used to living in. In this ideal world, though the court will hold adults accountable for their legally enforceable promises, you will notice a common thread of fairness that the court attempts to promote. In other words, beneath the harsh reality of contract law that allows two or more consenting adults to agree to—and face consequences for—many types of performances, there are numerous built-in safety nets to try to keep bad faith actors in check while protecting innocent parties from the consequence of bad fortune.
Contract law generally boils down to a few important concepts. The first major one is, "Does a contract exist?" To answer this, you'll need to look through the fact pattern and identify the three essential elements of a legally enforceable contract: an offer, an acceptance, and consideration. If a contract does appear to exist, you'll want to figure out whether it should exist. A contract that was formed improperly is a contract that can be defeated in court. If you find yourself with a valid, formed contract, then the next thing to try to figure out is whether there is any reasonable excuse that the parties may have to avoid fulfilling their promises and, if not, what are the consequences for their failure to perform.
One thing to be mindful of and appreciate when it comes to contract law is that it is often tested in a more ideal world than you are used to living in. In this ideal world, though the court will hold adults accountable for their legally enforceable promises, you will notice a common thread of fairness that the court attempts to promote. In other words, beneath the harsh reality of contract law that allows two or more consenting adults to agree to—and face consequences for—many types of performances, there are numerous built-in safety nets to try to keep bad faith actors in check while protecting innocent parties from the consequence of bad fortune.
