Agreement-consideration-contractual capacity
Please explain in some detail the four elements necessary to form a contract below:1. Agreement
2. Consideration
3. Contractual capacity
4. Lawful object
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The advantage of a holder in due course over a simple holder of an instrument is that the holder in due course can: 1) Transfer the instrument to others, thus using it as a substitute for money.
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Problem: How can anyone judge whether or not there is consideration if you are outside of the transaction? How do you judge what is valuable to someone else?
Question 1. What are the four elements necessary to form a contract? Question 2. What is the impact of legal capacity on any of the three elements?
Please explain in some detail the four elements necessary to form a contract below: 1. Agreement 2. Consideration 3. Contractual capacity 4. Lawful object
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