Offer, acceptance, consideration
Offer or proposal- Promisor Promise Reciprocal promises Promisee General offers and invitation to offer Acceptance Revocation of acceptance Agreement - offer or proposal accepted becomes a agreement Contract - agreement enforced by law becomes a contract Valid contract 1. Made by person competent 2. By free consent (not by coercion, undue influence, fraud, misrepresentation, mistake) otherwise voidable 3. lawful Implied - conduct and express - writing or oral Standard contract 1. Employment contract 2. Receipts Consideration Promissory estoppel Acts done at request Acts for charitable purpose Privity of contract