Please find a case as an example for each of the following subsections. Write a 4-5 sentence summary for each of the following (highlighted).
Valid Contracts: an offer, acceptance, and consideration need to be present for a contract to be valid.
1. Oral Contracts:
2. Capitalism:
3. Mutual Mistake:
4. Unilateral Mistake:
Void Contracts: fatally defective contract; the court does not recognize it as a contract.
1. Illegal Subject Matter:
2. Adjudicated Insane:
3. Fraud in the Execution:
Voidable Contracts: contract with a potential problem; one party can get out of the contract, might be forced.
1. Minors (under 18 years of age):
2. Mental Illness:
3. Duress: –
a. Physical:
b. Economic:
4. Undue Influence:
5. Mutual Mistake as to Subject Matter:
6. Unilateral Mistake + Knowledge:
Unenforceable: An agreement, not a contract.
1. Gifts:
2. Statute of Frauds:
