Re: Scott, Whychat need answer re contracts

Posted by Taziblue (68.130.210.58) on December 03, 2003 at 11:00:30:

In Reply to: Scott, Whychat need answer re contracts posted by Missy on December 02, 2003 at 14:49:58:

Checks come under different rules. If someone writes a bad check, then it would be subject to the rules of that state. State Attorney General office would tell you the sol on that.

Basically, the five elements of a contract are:

Offer
Acceptance
Consideration
Legality
Capacity

To have a contract, all five elements must be present. A contract is an agreement between two parties to do something in exchange for something.

IE I will mow your loan for $20.00 = Offer

I accept = Acceptance

Consideration= $20.00 something of value

Legality = mowing lawns is legal

Capacity - both parties must be of legal age and sane.

This is a major oversimplification - but that is the basic elements of a contract.

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