Formation
In addition to the elements of a contract:
- a party must have capacity to contract;
- the purpose of the contract must be lawful;
- the form of the contract must be legal;
- the parties must intend to create a legal relationship; and
- the parties must consent.
As a result, there are a variety of affirmative defenses that a party may assert to avoid his obligation.
Read more about this topic: Contract
Famous quotes containing the word formation:
“It is because the body is a machine that education is possible. Education is the formation of habits, a superinducing of an artificial organisation upon the natural organisation of the body.”
—Thomas Henry Huxley (1825–1895)
“I want you to consider this distinction as you go forward in life. Being male is not enough; being a man is a right to be earned and an honor to be cherished. I cannot tell you how to earn that right or deserve that honor. . . but I can tell you that the formation of your manhood must be a conscious act governed by the highest vision of the man you want to be.”
—Kent Nerburn (20th century)
“Out of my discomforts, which were small enough, grew one thing for which I have all my life been grateful—the formation of fixed habits of work.”
—Elizabeth Stuart Phelps (1844–1911)