Contract Basics

Contract Basics is a series of posts meant to give my readers a more fundamental understanding of the rest of the items and concepts posted on Pro and Contracts, and provide some context for understanding contractual situations in their own lives. Contract Basics III: Consideration Consideration is the last of the three items fundamental to [...]

On its face, Contract Law in the United States is rather simple. There are only a few requirements to form a basic, valid Contract: an Offer, an Acceptance, and Consideration. Everything other than these three requirements constitutes an attempt to make better legal sense of a given set of circumstances. Offers, Acceptance, and Consideration also each have their own parts that determine whether they are valid (i.e., whether they constitute real instances of those things according to the law), but contracts at their most basic require only these three items.