Identification should include the following points:
- Valid contracts may be written or unwritten.
- Valid contracts meet four requirements (agreement, competent parties, consideration, and legality).
- Examples of valid contracts include a lease, a credit card, an employment agreement, an insurance policy, and any purchase agreement.
Process/Skill Questions:
- What are the requirements of a valid contract?
- How can a valid contract be enforced?
- What are the benefits of a written contract over an unwritten contract?
- Can an email message constitute a legally binding agreement? A text message?