Scribd
Upload
371 views

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
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
371 views

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
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
You are on page 1/ 1

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

You might also like