Believe it or not, we enter into contracts almost every day.
Imagine you walk into a store, the store offers to sell you something, and you accept the offer. Or suppose you are trying to sell your car. You place a sign in the window of the car, and someone calls you to discuss buying the car. This person wants to know about the car—how it runs, whether it has ever been in an accident, etc.
Both of the examples above are of bilateral sales contracts—though not many people would think of them that way. This module introduces you to contract law. In it you will explore the various types of contracts and, also, learn about performance, breach, discharge of contracts, and contract remedies. You will not only read about the formalities of a contract but also apply those concepts to various situations.
Generally speaking, a party doesn’t enter into litigation when the issue is black and white. When looking at a situation, the first question to ask is, has a contract been entered into? Remember, there has to be an offer, an acceptance of the offer, and consideration. Contracts can be bilateral or unilateral, and both have some nuances. Additionally, there are certain formalities required to enforce contracts that come within the statute of frauds.
Module Readings and Assignment:
Complete the following readings early in the module:
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