Contract law michigan

What is Michigan contract law?

Contract law Michigan refers to a set of laws governing the formation, execution, and breach of contracts in Michigan..

What makes a contract legal in Michigan?

There must be a consideration
You must exchange something of value in a contract.
In our car example, you would pay the dealer money for the car.
The other side must also give you something of value; otherwise, there is no consideration and no contract..

What makes a contract valid in Michigan?

Key Elements of a Legal Contract
All parties considered competent enough to enter into a contract.
Appropriate subject matter.
Consideration – whether the contract is mutually beneficial.
Mutuality of agreement between parties._{Dec 30, 2022}.

The Five Elements of a Valid Contract in Michigan

1. Competency
2. Proper subject matter
3. Consideration
4. Mutuality of agreement
5. Mutuality of obligation