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Speak Up! - View Question #412 |
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Question: What is contract Law?
Answer: Simply put, contract law is the law that governs contracts. A contract can be written out on paper or just a verbal agreement. The contract is an agreement between two or more people which creates an obligation to do, or not do, something. The agreement creates a legal relationship of rights and duties. If the agreement is broken (breached), then the law provides remedies.
The three factors necessary to create a contract are: offer, acceptance and consideration. One party makes an offer, the second party must accept the offer and there must be consideration exchanged.
For example; Joe offers to buy Steve's car for $1000. Steve accepts Joe's offer. Joe pays Steve $1000 (that's the consideration for the car) and Steve gives Joe the car. If Steve refused to give Joe the car, then Steve has breached the contract.
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On 11/23/03
THOMAS from AZ said:
JOE AGREED TO BUY STEVE'S CAR AND TOLD STEVE HE NEEDED FIFTEEN MIN. TO RUN TO THE ATM. STEVE AGREED AND DIDN'T ASK FOR ANY DEPOSIT. JOE WENT TO THE ATM AND WAS BACK BEFORE THE AGREED FIFTEEN MIN. STEVE SOLD THE CAR TO SOMEONE ELSE FOR THE SAME PRICE. JOE HAD A VERBLE CONTRACT WITH STEVE.
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On 10/13/03
kylie from MD said:
if you sign an agreement that's not an official lease just a piece of paper saying you will pay money in exchange for someone else's room and board, if you default on that can they make you pay anyway or does it just get the person evicted?
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On 07/30/02
Rose from CA said:
What if your grandparents bought you a car when you were 16. There was an verbal agreement that the car was to be put in your name when you turned 18. You moved out at 18, and they said you could have the car and they would sign over the title. Before they sent the title, they went to my schhol parking lot and took the car. I had posession of the car for a month after I moved out. We had a written contract, but they destroyed it after I moved out.
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On 04/08/02
marc from FL said:
then he would be in breach of the contract. the agreed upon amount was $1000, anything other than the amount agreed upon would be in breach of contract, even if the amount paid was more than the amount agreed upon.
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On 11/15/01
mad from AZ said:
What would be the case if he only paid $700 for the car? When they had negotiated the $1000 price?
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