Mnemonic Device:
- MaC L RaCS
Explanation: To remember the essentials of a contract.
- Ma = Mutual agreement
- C = Capacity
- L = Legality of object
- Ra = Reality of assent
- C = Consideration
- S = Statute of Frauds (if it applies)
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Statute of Frauds: My Legs
Marriage as consideration
longer than a Year
Estate
Land
Goods over $500 (or $5000)
Surety