For a contract to be enforceable, it must have an offer, acceptance, and consideration. Written documentation is not always required, except in certain cases where the Statute of Frauds applies (e.g., contracts involving real estate or contracts that cannot be performed within one year).
A contract entered into under duress is voidable by the party who was coerced or threatened. This means that the affected party has the right to void the contract if they choose.
Under the Uniform Commercial Code (UCC), if a contract for the sale of goods does not specify a price, the contract is still enforceable, and the price will be a reasonable price at the time of delivery.
A breach of contract occurs when a party fails to perform their obligations as specified in the contract without a valid excuse. Failing to deliver goods as agreed is a clear example of a breach.
Compensatory damages are awarded to put the non-breaching party in the position they would have been in had the contract been performed. This type of remedy aims to cover the actual loss suffered due to the breach.
