Going Deeper with Contracts
In This Chapter
• The importance of putting it in writing
• Determining the parties’ intent
• Consideration: do the parties have it?
• Contractual capacity required for contracts
• Mistakes, deception, and other contract problems
• The impact of illegalities on contracts
In addition to the contract requirements covered in Chapter 11, several other items must be present in an effective contract. Most, but not all, contracts should be in writing. The parties to the contract must also have contractual capacity. Consideration must be exchanged by the parties. And how should parties handle contracts when mistakes have been made, deception has occurred, or other problems arise? Finally, what happens if a contract is ...