MEPX
Chapter 3 of 10All chapters

Chapter 3 of 10

Contracts

Agreement plus value.

Formation

Typically an offer, acceptance, something of value each way, and an intention to be legally bound. Most everyday contracts form without a signature or a document.

  • Some contracts, such as land sales, must be written.
  • Clicking accept generally forms a binding agreement.

Breach and remedies

The usual remedy is damages putting the wronged party where performance would have left them. Orders to actually perform are exceptional.