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What 2 actions can create a contract?
A contract may be express or implied in its manner of creation.
How is an express contract declared?
In Words either oral or written
What is an implied contract?
It is one where the agreement is shown by acts and conduct rather than words
A contract may be executed or executory with regard to its extent of performance
executed (both parties have completed performance) or executory (meaning that something remains to be done)
What four ways can a contract be classified in regards to its legal effect?
What makes a valid contract?
It is binding and enforceable
According to the Civil Code of California, a valid contract must have what four essential elements?
- Capable parties
- Mutual Consent
- Lawful Object
What two thing make a contract unenforceable?
It cannot be proved or sued upon
What does a void agreement lack?
Any legal effect
In a bilateral contract what have both parties made?
Parties capable of entering into a contract include everyone except?
- Persons of unsound mind
Can minors and incompetent persons acquire title to real property, and if so, by what means?
Gift or Inheritance.
What two things confirm mutual consent?
An offer from one party and acceptance by the other party
What three things must not cloud mutual consent?
What does actual fraud involve?
The intent to deceive
What two things involve duress?
Coercion and Confinement
What 4 things must exist to make a contract legal?
- Object -must be legal
What is required in every executory contract?
What words refer to consideration?
Good, sufficient, adequate and valuable
If an agreement is not to be performed within a year what is required according to the Statute of Frauds?
It must be in writing
What is novation?
It is a substitution by agreement of a new obligation or a new party to an obligation.
What is the statute of limitation for inverse condemnation and encroachment?
What is the statute of limitation for a written contract?
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