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Contracts are basically promises between parties that are enforceable by law. ... For this reason, promises of gifts and offers made for moral reasons or obligation are not considered legally binding contracts; accept in some cases where the offeree will experience undue damages because they were assured the promise of the offeror would be kept (Cheeseman, 2003). ... Minors or those who are not competent; intoxicated or insane parties, may not enter into legally enforceable contracts (Cheeseman, 2003).
• Lawful Object: contracts cannot be considered legal when the promises made involve delivery of illegal goods or promises to commit a crime. ...
The objective theory of contracts expects that the offer made is a valid and true offer.
Approximate Word count = 541
Approximate Pages = 2.2
(250 words per page double spaced)
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