What is a Contract?

This week, I thought about delving into a specific type of contract. But then, I figured it might make more sense to first go over the basics of what a contract actually is. As always, you can schedule a call through Calendly, peruse past episodes, check out the Keith Law website, or contact me through my LinkedIn profile. EPISODE-SPECIFIC LINKS: Supplementary materials. What is a "cause of action?" Do you know what a "contract" really is? Do you know what "consideration" is, in the contract context? TIMESTAMPS: 00:00 — Do you really know what a contract is? 00:08 — Intro 00:31 — Check out the show notes for an outline of the episode. 00:48 — This episode is not a law school contracts course—it's only a basic overview and explanation of what constitutes an contract. 01:45 — Reminder of what a cause of action is. 02:23 — The breach of contract cause of action. 03:01 — This episode is focused on element 1—the enforceable contract. 03:42 — What does the term "enforceable contract" mean? 04:30 — The three most essential components of an enforceable contract—offer, acceptance, and consideration. 04:56 — Offer and its three elements. 06:09 — Acceptance and three of its elements. 07:05 — Consideration—"mutuality of obligation," "exchange of value," or "the bargained for exchange of promises." 08:57 — Does a contract have to be in writing? Not unless the statute of frauds says so. 10:10 — Defenses to a breach of contract cause of action. 11:24 — Takeaways from this episode. 11:57 — Subscribe, check the show notes, and email or schedule a call with your questions. 12:33 — Outro Disclaimer: This audio and blog post are for informational purposes only and should not be misinterpreted as legal or other professional advice. If you have a legal question, you should consult with an attorney in your jurisdiction. Thank you for tuning in to Keith Law, PLLC.