Lecture Two: Contracts Fundamentals and Formation and Enforcement

This lecture provides a comprehensive overview of Contracts Law, focusing on the formation, enforcement, defenses, performance, breach, and remedies associated with contracts. It includes practical applications through MBE-style questions and MEE essay strategies, equipping students with the necessary tools for exam success.TakeawaysA contract is a legally enforceable promise.Each of these elements must be satisfied for a court to recognize a contractual obligation.An offer must include definite and certain terms.Acceptance is the unequivocal agreement to the terms of the offer.Consideration is the bargain element of the contract.Defenses to formation include mistake, duress, and the statute of frauds.A contract entered into under duress is voidable by the aggrieved party.Performance may be subject to conditions, including conditions precedent and subsequent.Expectation damages aim to place the injured party in the position they would have occupied had the contract been fully performed.The contract is likely enforceable under the partial performance exception.Contracts Law, contract formation, defenses, performance, breach, remedies, MBE, MEE, legal principles