To constitute a valid contract, there must be parties able to contract, a consideration moving to the contract, the assent of the parties to the terms of the contract, and a subject matter upon which the contract can operate. History. Orig. Code 1863, § 2682; Code 1868, § 2678; Code 1873, § 2720; Code 1882, […]
The consent of the parties being essential to a contract, until each has assented to all the terms, there is no binding contract; until assented to, each party may withdraw his bid or proposition. History. Orig. Code 1863, § 2689; Code 1868, § 2685; Code 1873, § 2727; Code 1882, § 2727; Civil Code 1895, […]
If an offer is made by letter, an acceptance by written reply takes effect from the time it is sent and not from the time it is received; hence, withdrawal of the offer by the offeror after that time is ineffective. If an offer contains alternative propositions, the party receiving the offer may elect between […]
Conditions may be precedent or subsequent. A condition precedent must be performed before the contract becomes absolute and obligatory upon the other party. The breach of a condition subsequent may destroy the party’s rights under the contract or may give a right to damages to the other party, according to a true construction of the […]
Impossible, immoral, and illegal conditions are void and are binding upon no one. History. Orig. Code 1863, § 2685; Code 1868, § 2681; Code 1873, § 2723; Code 1882, § 2723; Civil Code 1895, § 3640; Civil Code 1910, § 4225; Code 1933, § 20-111. Law reviews. For article discussing the anachronistic nature of the […]
