Elements of a Contract writing assignment

Elements of a Contract Writing Assignment Start Assignment Due No Due Date Points 10 Submitting a text entry box An agreement is not a contract unless it contains the six elements of a contract. 1. Offer: A proposal made by one party (the offeror) to another party (the offeree) indicating a willingness to enter a contract. 2. Acceptance: The agreement of the offeree to be bound by the terms of the offer. 3. Genuine Agreement: Offer and acceptance go together to create genuine agreement, or a meeting of the minds. Agreement can be destroyed by fraud, misrepresentation, mistake, duress, or undue influence. 4. Consideration: Consideration is the thing of value promised to one party in a contract in exchange for something else of value promised by the other party. The mutual exchange binds the parties together. 5. Capacity: The law presumes that anyone entering a contract has the legal capacity to do so. Minors are generally excused from contractual responsibility, as are mentally incompetent and drugged or drunk individuals. 6. Legality: Parties are not allowed to enforce contracts that involve illegal acts. Some illegal contracts involve agreements to commit a crime or a tort. Others involve activities made illegal by statutory law. Go through the 6 elements of a contract and describe each part in your own words. Click submit to get to the text box. Have you ever entered into a contract (hint: yes, you have)? When? Where? Who made the initial offer? What consideration was exchanged? If you have ever purchased anything, you have entered into a contract