A Valid Contract Has Four Elements, and No Defenses Can Be Raised against It

A Valid Contract Has Four Elements, and No Defenses Can Be Raised against It

ELEMENTS OF A CONTRACT

Agreement

defense of a contract

Lack of genuine assent

Lack of proper form

Sometimes the parties may enter into what appears to be a legally binding and enforceable contract because all four elements of a contract are present, but one of the parties may have a defense to the contract’s enforcement. Such defenses fall into two categories. The first, discussed in Chapter 12, is a lack of genuine assent. A contract is supposed to be entered into freely by both parties, but sometimes the offeror secures the acceptance of the agreement through improper means, such as fraud, duress, undue influence, or misrepresentation. In these situations, there really is no genuine assent to the contract, and the offeree may be able to raise the lack of genuine assent as a defense to enforcement of the agreement.

lack of genuine assent

A defense to the agreement of a contract in which the offeree claims that the offeror secured the agreement through improper means, such as duress, fraud, undue influence, or misrepresentation.

The second defense, discussed in Chapter 13, is that the contract lacks the proper form, which typically means it lacks a writing. Certain contracts require a writing, and if there is none, the agreement will not be enforced. Chapter 14 discusses the performance and discharge of contracts as well as remedies arising when a contract is breached.

There are two primary sources of contract law: case law and the Uniform Commercial Code (UCC). A third source of law, which has become more important with increasing globalization, is the Convention on Contracts for International Sales of Goods (CISG). Chapters 9 through 14 of this book focus primarily on the law of contracts as established by the common law, and Chapters 15 and 16 focus on the law as established by the UCC and CSIG.

Today’s law of contracts actually originated in judicial decisions in England, which were followed by the early courts in the United States. Since then, contract law has been modified by our legislatures and by r s Consideration

Legal purpose

Capacity

Defenses to the Enforcement of a Contract

Sources of Contract Law

LO 9-2 What are the sources of contract law?

Common Law

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