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

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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)

    Those who were skillful in Anatomy among the Ancients, concluded from the outward and inward Make of an Human Body, that it was the Work of a Being transcendently Wise and Powerful. As the World grew more enlightened in this Art, their Discoveries gave them fresh Opportunities of admiring the Conduct of Providence in the Formation of an Human Body.
    Joseph Addison (1672–1719)

    ... 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)