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How to classify bates contract

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our last alternative theory of recovery and enforcement is the moral obligation with a subsequent promise and while its very important for us to recognize that past consideration is not consideration some courts may nonetheless still enforce a promise supported by past consideration if there is a strong moral obligation to do so and justice so requires but our starting point rule that we have to recognize right past consideration is not consideration this doesnt change that weve talked about past consideration a lot now and the example ive used remember imagine that im up giving this lesson and i start to have a heart attack and hit the ground a student sees this rushes over resuscitates me saves my life and im so grateful that this student has saved my life i promise to pay him 100 for rendering this life-saving aid to me well we know very well at this point right thats not that promise to pay the student 100 for saving my life is not a traditional enforceable contract right b

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What are the 5 characteristics of contracts?

The Five Elements of a Contract Offer. Acceptance. Consideration. Capacity. Lawful Purpose.

What are the main characteristics of contract?

A contract is an agreement between parties, creating mutual obligations that are enforceable by law. The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.

What are two characteristics of a contract?

Elements of a Contract Offer - One of the parties made a promise to do or refrain from doing some specified action in the future. Consideration - Something of value was promised in exchange for the specified action or nonaction. Acceptance - The offer was accepted unambiguously.

What are the characteristics of contract?

A contract is an agreement between parties, creating mutual obligations that are enforceable by law. The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.

What are the 7 characteristics of a contract?

There are 7 essential elements an agreement must have to be considered a valid contract. The elements of a contract include identification, offer, acceptance, consideration, meeting of the minds, competency and capacity, and legality.

What is the nature of contract?

The nature of contract refers to a branch of law that determines various situations and circumstances in which promises made by a party to a contract shall be binding on them. It consists of a number of limiting principles but does not lay down the rules and responsibilities enforced by the law.

What is the difference between agreement and contract?

The main difference between agreement and contract is that an agreement is not legally binding and enforceable by law, whereas a contract is legally binding and enforceable by law.

What are the classification of a contract?

In general, contracts are classified along four different dimensions: explicitness, mutuality, enforceability, and degree of completion. Explicitness is the degree to which the agreement is manifest to those not party to it. Mutuality takes into account whether promises are given by two parties or only one.

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