"Contracts create a power dynamic which has the potential to change the lives and the stories of those involved."
"Contracts make the world go around... obligations and commitments."
"The earnest money is yours, they backed out of the contract."
"The court finds the agreement unconscionable."
"The language in the contract matters." - Daniel Bloodworth
"Voidable means that it's valid unless you exercise a right to void it."
"Imposing tort liability for every breach of contract would only serve to chill commercial transactions."
"Regarding Scarlett Johansson, the legal doctrine of impossibility came down firmly on her side."
"A bilateral contract is a promise for a promise."
"A contingency is a condition for a contract occurring."
"If you have a sense that you're capable of making a contract, and that's what Lucy thought, it would suggest that there still can be a contract, even though both parties are drunk."
"The four elements of a valid contract: competent parties, mutual agreement, legal object, and consideration."
"You must have all three: the offer, the acceptance, and the consideration."
"When parties come to an agreement, there needs to be mutual ascent and a meeting of the minds."
"An offer is a manifestation of willingness to create a contract; it must be clear and definite."
"Contracts require mutual consideration for enforceability; both sides must benefit or incur a detriment."
"The courts will not put themselves into the shoes of either of the parties to the contract."
"The primary purpose of damages in contract law is similar to tort, the idea is that we place the injured party in the position they would have been in had the contract been performed."
"The principle is that the breach of contract must cause the losses; a voluntary act of the claimant can break the chain of causation."
"Rescission is the unwinding of a transaction, and it's done to bring the parties as far as possible back to the position in which they were before they entered the contract."
"The law of contract is mainly based on two principles: the doctrine of freedom of contract and the doctrine of caveat emptor."
"The consideration clause states that each party to the contract must exchange something of value."
"A contract is the meeting of the minds."
"So what is rescission? It's where both parties agree to cancel a contract in a process called rescission."
"If I act and do a seven minute or under mile, she has to give me fifty bucks. That's a unilateral contract."
"Void contracts are contracts to do something illegal. Those contracts are said to be void."
"When contracting parties have signed a contract and both parties have done all they promised to do, it is called an executed contract."
"Acceptance must be an unconditional ascent."
"Silence alone never is the same as acceptance."
"This is a great contract to practice and study because it contains a lot of elements and patterns that are widely used in many different kinds of smart contracts."
"The elements of contract formation tell us whether or not there actually is a contract."
"The elements of misrepresentation are that you need a false statement of a past or present fact, made at or before the time of contract formation, with the purpose to induce the other party to enter into the contract."
"Liquidated damages... what the parties agree beforehand on what the remedy will be if there's a breach."
"The four essentials are mutual consent, lawful object, consideration, and capable parties."
"Offer, acceptance, and communicate back that acceptance. People always forget that third part."
"Keep in mind at all times that if there are clear express words in the contract, they must be given their full effect."
"A bilateral contract is where both parties are bound to perform the duties of the contract."
"The clear express words have to prevail."
"If the words of the contract have a clear meaning, that meaning will prevail."
"The UCC promotes the freedom to contract, where parties may agree to terms they like, but may not disclaim the code's requirements of good faith, diligence, reasonableness, and care."
"An offer is a statement by a party that they are willing to be bound by the obligations which are set out in the offer."
"Acceptance must be unconditional, the parties must be ad idem, they must be of one mind."
"Consideration is the price that we pay for a promise."
"An executed contract is one that's actually been completed."
"The distinction between contractual terms and mere representations is of crucial importance."
"A statement is sufficiently important that, but for this statement, an offeree would not have entered into the contract."
"Every presentment you get is an offer to contract."
"If you change one word in a contract, that makes the entire contract null and void."
"The express trust is not merely a property interest held by one for the benefit of another; rather, it is a trust created by private contract."
"The goal in interpreting contracts is to determine what the actual bargain is."
"The law says these three things when you first do your analysis: clear unambiguous, no explanations, and what was the exact deal that they agreed to on the four corners of that contract."
"The contract has to be read as a whole to gather the intention of the parties."
"The original intent of the parties must be always the top guiding principle as far as interpretation of contracts is concerned."