Contract law

WHAT IS A CONTRACT?

• Agreement between 2 parties that creates a duty 
• An offer
• An acceptance 
• A consideration

elements  of a contract

• Contracts need two elements to be considered legally valid.
• All parties must be in agreement. 
• Something of value must be exchanged. Such as cash or goods.
• In few situations, contracts must be written to be valid.
• State laws determine if the contract is written or not.

WHAT HAPPENS WHEN A CONTRACT IS BREACHED

• Bring in an arbitrator or mediator
• Sue
• Collect damages 
• Drop responsibility in contract

How to make official

• Both parties have to sign it
• Something of value needs to be exchanged

kesha vs. manager

• Kesha had to pay manager 20% of earnings
• She fired him and didn't pay him the 20%
• She is getting sued for 14 million dollars
• It was settled for a disclosed amount

Nick, Paige, Zach, Angelique