I. There are four elements to a contract. These four elements are:

A.Agreement

B. Consideration

C. Contractual Capacity

D. Legality

II. The first element of a contract is agreement (same answer as IA. above)

A. In order to prove the first element, you must prove (1) an offer and (2)acceptance.

B. In order to prove IIA(1) you must prove three things:

1) Present intent to contract

2) Specificity in terms of alleged offer

3) Alleged offer communicated to offeree

C. In order to have a valid (2), it must satisfy the Mirror Image Rule.

D. An (1) can be terminated through an act of the parties or by operation of law.

1) Two examples of how (1) can be terminated by an act of the parties are:

a) __________________________________

b) __________________________________

2) Two examples of how (1) can be terminated by operation of law are:

a) _____________________________________

b) _____________________________________

III. The second element of a contract is Consideration (same answer as IB. above)

A. In order to prove the second element, you must prove:

(1) ___________________________________________________ AND

(2) ____________________________________________________.

B. In order to prove IIIA(1) you must prove ONE of three things:

1) __________________________________________________________________

2) __________________________________________________________________

3) __________________________________________________________________

C. In order to prove IIIA(2), you must prove that the promise, performance or forbearance of one party ________________________ the other party to make their promise or performance.

D. There are two types of contracts that do not satisfy this element of contracts. One is a contract based on past consideration, the other is a pre-existing duty.

1) The difference between a pre-existing duty and past consideration is: ______