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Key Elements of Contract Law

Contract law governs written and oral agreements that are legally binding. The key elements of a valid contract are offer, acceptance, consideration, capacity, intention, and legality. There are two main types of contracts: bilateral, which require consideration or compensation from both parties, and unilateral. An offer can be revoked before acceptance, and a counteroffer terminates the original offer. For a contract to be formed, acceptance must be positive, unambiguous, and delivered as specified, such as by mail. Contracts can become void or voidable if essential elements are missing. Remedies for breach of contract include damages, specific performance, or discharge by performance, agreement, or operation of law.

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Duy Nguyen
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41 views2 pages

Key Elements of Contract Law

Contract law governs written and oral agreements that are legally binding. The key elements of a valid contract are offer, acceptance, consideration, capacity, intention, and legality. There are two main types of contracts: bilateral, which require consideration or compensation from both parties, and unilateral. An offer can be revoked before acceptance, and a counteroffer terminates the original offer. For a contract to be formed, acceptance must be positive, unambiguous, and delivered as specified, such as by mail. Contracts can become void or voidable if essential elements are missing. Remedies for breach of contract include damages, specific performance, or discharge by performance, agreement, or operation of law.

Uploaded by

Duy Nguyen
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Contract law

- Written or oral promise exchanged for another promise or for a performance that the law will
enforce
- Key element:
o Offer
o Acceptance
o Consideration how am I going to compensate for the offer?
o Capacity: you have the right to provide that for the offer
o Intention: you intent to provide it
o Legality:
- Contract types:
o Bilateral: doesn’t have to be money in return
 Promisor and promise
o Unilateral:
- Revocation of offer
o Offer can be revoked before it is accepted
o In a specific period of time
- Acceptance of an offer
o A positive and unambiguous agreement
o Verbal or not
- Rejection and counteroffer
o Rejection of an offer terminates it
o Counteroffer terminates the og offer and refresh it
- Rules of delivery of acceptance
o Mail or telegram
o Phone/fax/email
o Applicable law is that the place where the acceptance occurs
- Consideration
- Contract terminology
o Cancellation/attrition and early departures
o Resell/rebook
o Rate guarantee
o Additional fees: wifi, room setup, security fees
o Walking a guest – make sure there is no walk clause
o No competition in house – category exclusivity
o Renovations – there will be no reno when your event is going on
o Final billing time limits: all invoices and charges must be issued on a specific time period
o Form of payment –
o Commissions
o Privity of contract: any contract is private
- Void and Voidable contract
o If one essential element is missing
o Give the innocent party the option:
 Rescind the contract
 Insist on performance
- Discharged contracts:
o Can be discharged by
 Performance
 Agreement
 Frustration
 Operation of law
- Remedies
o Types:
 Damages paid
 Specific performance

Week 4:

Insurance:

- Health and disability


- Workers compensation:
- Cancellation: for any event: when you have to cancel due to illness, weather etc.
- Vehicle: operating vehicle
- Liability: like on your vehicle, home: people come into your event
- Property: for all your equipment, property, if anything happen to that
- Errors and omissions: when professionals (doctors, lawyers) make mistakes…
- General business: cover the major component, covers liability, property and errors and
omissions

ENSURE THAT YOUR THIRD-PARTY SUPPLIERS ARE COVERED: make sure they have to carry different
policy – protect yourself

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