Elements of a Valid Contract

1. An agreement consisting of an offer and acceptance 
1. not valid offers
1. expression of opinion
2. preliminary negotiations
3. statement of intentions
4. advertisements
5. social invitation
2. exceptions of silence as exception
1. silence condition of acceptance & offeree remains silent intending to accept.
2. Previous dealings - silence was acceptance
3. exercise dominion over the goods sold
2. Consideration
1. Bargained for exchange
1. must be a legal detriment
1. when one refrains from doing what one has a legal right to do. OR
2. when one does what one has a legal right not to do.
3. Among competent parties
1. classes of persons who do not have the capacity to contract
1. insane persons
2. intoxication
3. minors
4. With a legal purpose
1. Fraud
1. intentional misrepresentation
1. False material misrepresentation of fact
2. prove scienter 
3. intent to induce reliance of the plaintiff
4. justifiably relied on that statement
5. you suffered damages because misrepresentation

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