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I. Nature of contracts
A contract=
1. legally binding agreement
2. based on the genuine assent of the parties,
3. made for a lawful object,
4. between competent parties,
5. in the form required by law if any,
6. and generally supported by consideration.
Intent to make a binding agreement: the parties must have intent to enter into
an agreement that is binding. Sometimes, the parties are in agreement, but their
agreement doesn’t produce a contract.
Extent of recovery: the plaintiff recovers the reasonable value of the benefit
conferred on the defendant, or the fair and reasonable value of the work
performed, depending on the jurisdiction. The plaintiff cannot recover lost profits
or other kind of damages that would be recovered in a suit for breach of a
contract.