Introduction to Contracts in Law - Revised
Learn more about the elements of a legally binding contract and how to resolve a breach with damages.
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A contract is an agreement between private parties that creates a mutual obligation enforceable by law. This course will discuss the basic elements required for an agreement to be a legally enforceable contract. These include mutual assent, expressed by a valid offer and acceptance, adequate consideration, capacity, and legality. You will learn how to determine intent and how to communicate a contract. You will also learn why a promise can be the same as a payment.
You will then study the four requirements of the formation of a legally binding contract and discuss the elements such as mental capacity and age, duress or undue influence, unconscionability, misrepresentation or fraud, and frustration of purpose. You will look into traditional defenses and learn when a contract cannot be enforced. This course will also discuss the three elements of a true contract. You will study the different types of damages, the purpose of damages, and non-typical remedies.
Many individuals or business owners do not fully understand the implications of signing a contract or breaching a contract. By taking this course, you will learn what makes up a binding contract and how to resolve a breach of contract in the form of damages. These are vital skills for business owners and professionals, so check out the course and start learning about contracts in law today.
Having completed this course you will be able to:
- Outline what a contract is and what has to be contained to make it binding
- Define the three elements of a true contract, offer, acceptance and consideration
- Describe the three ways of communicating a contract in common law
- Define what a breach of contract is and how it is determined
- List the common defenses for a party accused of breach of contract
- Record the remedies used to fix a contract
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