Chapter Outline
7.1 Consideration and Promissory Estoppel
7.2 Capacity and Legality
7.3 Breach of Contract and Remedies
Introduction
Learning Outcome
•
Analyze the principles of contract law and how they apply to businesses.
7.1
Consideration and Promissory Estoppel
A contract is defined as an agreement between two or more parties that is enforceable by law.
To be considered enforceable by law, a contract must contain several elements, including offer and
acceptance, genuine agreement, consideration, capacity, and legality.
Figure 7.1 (Credit: edar/ pixabay/ Attribution 2.0 Generic (CC BY 2.0))
7
Contract Law