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Contracts Flowchart

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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funkchunk33
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850 views1 page

Contracts Flowchart

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.

Uploaded by

funkchunk33
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
  • Contracts Flowchart: Presents a flowchart outlining the decision process for determining the validity and execution of contracts, including key legal considerations like acceptance, defenses, and remedies.

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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