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    Contracts Flowchart

    Uploaded by

    funkchunk33
    The document outlines the process for forming a valid contract, including offer, acceptance, consideration, defenses, and remedies for breach. It provides a flowchart of the steps to determine if a valid contract exists or if it is void or voidable.

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    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd

    Contracts Flowchart

    Uploaded by

    funkchunk33
    320 views1 page
    The document outlines the process for forming a valid contract, including offer, acceptance, consideration, defenses, and remedies for breach. It provides a flowchart of the steps to determine if a valid contract exists or if it is void or voidable.

    Original Description:

    A checklist for whether or not a contract it legal.

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    © © All Rights Reserved

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    DOC, PDF, TXT or read online from Scribd

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    The document outlines the process for forming a valid contract, including offer, acceptance, consideration, defenses, and remedies for breach. It provides a flowchart of the steps to determine if a valid contract exists or if it is void or voidable.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    320 views1 page

    Contracts Flowchart

    Uploaded by

    funkchunk33
    The document outlines the process for forming a valid contract, including offer, acceptance, consideration, defenses, and remedies for breach. It provides a flowchart of the steps to determine if a valid contract exists or if it is void or voidable.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
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    a.

    b.
    c.
    d.

    Offer?
    Intent
    Definite
    Communicated
    Not terminated

    Contracts Flowchart
    No

    Yes

    Acceptance?

    No

    No contract

    Yes

    Consideration?
    a. Bargained for
    b. New

    No

    Yes

    Defenses?
    a. Capacity
    b. Legality
    c. Defenses in formation

    Yes

    Void or voidable contract

    No

    Writing required?
    (Statute of Frauds)

    Yes, and
    there is
    no writing

    No

    Valid contract/Executory

    Breach of contract
    No

    Acceptable or Excused
    Performance?
    Yes

    Discharged/Executed

    Remedies
    Legal ($)
    a. Compensatory
    b. Consequential
    c. Liquidated
    d. Nominal
    Equitable
    a. Specific performance
    b. Rescission

    Source (in part): Jennings, Business; Its Legal, Ethical, and Global Environment (8 th ed.) p. 397

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