Video: Contract Formation

In this lesson, delve into the foundational elements of contract formation with Nick Palazzolo, CPA, as your guide. Step by step, he demystifies the various types of contracts, including express, implied in fact, quasi, unilateral, and bilateral contracts, and brings them to life with easy-to-grasp examples. Nick clarifies the necessary conditions for contracts to be legally enforceable such as agreement, exchange of consideration, and the absence of defenses like fraud and duress. With a down-to-earth approach, he paints a practical picture of contract enforceability, demonstrating how values exchanged may greatly differ without affecting legal validity and ensuring that the complexities of legal agreements are understandable and relatable.