Contracts 2019
Contracts 2019
DENT 162
Contract
¨ Meeting of the minds
¨ Between two or more persons
Consent
•
• Cause or Consideration
Consent
• Intimidation
• Mistake
• Fraud
• Undue Influence
Violence
Must be:
Two types:
• Cause or Consideration
Object/Subject Matter
• Cause or Consideration
Cause/Consideration
True
Stages in Contract Formation
¨ Preparation/Negotiation
¨ Perfection
¨ Consummation/Performance
Types of Defective Contracts
Rescissible
Voidable
Unenforceable
Void
Types of Defective Contracts
¨ Rescissible
Defect:Economic injury (called “lesion”) to one of the
parties or a third person
¨ Voidable
Defect: Vice of consent of ONE of the parties
¨ Unenforceable
Defect:
Lack of proper form; Lack of authority or
capacity of BOTH parties
¨ Void
Defect: Lack of essential elements; Ilegality
person.
law.
¨ These contracts cannot be ratified. Neither can the
Exception:
Formal Requirements under the Law
Contracts which must be WRITTEN