Contract - Formation

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)

    ... the mass migrations now habitual in our nation are disastrous to the family and to the formation of individual character. It is impossible to create a stable society if something like a third of our people are constantly moving about. We cannot grow fine human beings, any more than we can grow fine trees, if they are constantly torn up by the roots and transplanted ...
    Agnes E. Meyer (1887–1970)

    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)