Contract law may seem simple on its surface. \u00a0At its base you need an offer plus acceptance supported by consideration. That seems easy enough. However, there are endless nuances when it comes to contract law and numerous ways a contract can go wrong. In keeping with the TCO for this week (restated at the top of this page), it’s not enough that we are able to define a contract. In order to have a good grasp of contract law, I think it’s important to know a bit about the sources and origins of contract law, and some of the theories that are used to interpret contracts.\tSo, what are some of the sources of contract law? How has contract law evolved over time?\tAlso, please take a look at Case 9.1 (Bickham v. Washington Bank & Trust) on page 164 of your text. What do you guys think about this case? Did the objective theory of contracts work here? Do you agree with the court’s decision?\t\u00a0\tQuestion\tClass, consideration is another of the essential elements in contract formation. I think it’s fairly clear that in order to enter into a valid contract, you must have an offer and an acceptance. That is logical. What may not be quite as clear is the concept of consideration. Some of you have mentioned it, but let’s have a thorough discussion of what consideration is. What is consideration? Why do you think the law requires consideration to be present in order for a contact to be considered valid and binding? What happens if consideration is lacking? Are there any ways lacking consideration may be overcome?\t\u00a0\tQuestion\u00a0\t\u00a0\tElements of a Contract\t\u00a0\tTake a look at the Contract you pulled from your records when reading our Week 1 Introduction. What is the Offer and what is the Acceptance? What consideration was given by both parties to the contract? What other clauses attracted your attention–Limited Warranty and Disclaimer of Implied Warranties? Conflict Resolution?<\/p>\n","protected":false},"excerpt":{"rendered":"
Contract law may seem simple on its surface. \u00a0At its base you need an offer plus acceptance supported by consideration. That seems easy enough. However, there are endless nuances when it comes to contract law and numerous ways a contract Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-227232","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/227232","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=227232"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/227232\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=227232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=227232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=227232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}