ELEMENTS OF A CONTRACT. BUSINESS LAW CHAPTER 5. Objective #1 – Assess Contractual Capacity. Capacity - the legal ability to enter into a contract.
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Capacity - the legal ability to enter into a contract.
Rebuttal Presumption – With the assumption that another person has the capacity to contract, this law allows some people to say after the fact that they did not have the capacity to enter into a contract.
Disputed Amounts – When the parties disagree on how much money is due: Accord and Satisfaction is a legal way to settle contractual disputes by which one party agrees to accept less than the amount due as full payment.
Undisputed Amounts – If the parties have agreed to a set amount, then accord and satisfaction does not apply.