Contracts law
Shane Patrick Irvine
Apr 2025 · Shane P Irvine
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228
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About this ebook
Contracts are the lifeline and threshold of commerce and have been so since our early ancestors began to trade among themselves. “I’ll trade you some of these fine apples for some of your dinosaur meat.” If you are a law student or are an entrepreneur looking to learn contracts so you can write your own, it’s important to have a solid foundation in your understanding of the basic formation of a contract. A contract is formed when the parties to the contract can contract, an offer is made, and that offer is certain, definite, and unambiguous and demonstrates to a reasonable person that an offer is being made. That offer must be accepted by timely and authorized means. An acceptance must be unequivocal and mirror back the same exact terms. There must also be a meeting of the minds, a mutuality of accent. Each party must have the same understanding of the terms of the contract. There must also be a quid pro quo – something for something of value bargained for and given in exchange. This is known as consideration. Consideration is what each party is bargaining for. When there has been a valid offer and acceptance and there is something of value bargained for and given in exchange, there must also be a total meeting of the minds whereby each party understands their duties and liabilities and demonstrates an intent to be contractually bound.
After that, it’s a matter of understanding any remedies that may be available in the event of a breach of the contract.
Contracts are the lifeline and threshold of commerce and have been so since our early ancestors began to trade among themselves. “I’ll trade you some of these fine apples for some of your dinosaur meat.” If you are a law student or are an entrepreneur looking to learn contracts so you can write y...
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About the author
I am a 1991 graduate of Southern California Institute of Law and have spent the majority of my career as a newspaper business and legal editor. From that, I now specialize in explaining complex business and legal matters in simplified terms. I have written and published several business law books, e-books, audio books, and online courses. My objective is to provide simplified explanations of business and legal matters for business executives and entrepreneurs.
I am a 1991 graduate of Southern California Institute of Law and have spent the majority of my career as a newspaper business and legal editor. From that, I now specialize in explaining complex business and legal matters in simplified terms. I have written and published several business law books...
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