1 / 11

Elements of a contract

Elements of a contract. Ag Business. What is a Contract. Definition: Agreement. Definition: Contract. A social agreement between 2 or more parties which sometimes may not be legal. A legally binding agreement that is enforceable by law. . 7 Elements of a contract. Offer Acceptance

aine
Download Presentation

Elements of a contract

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Elements of a contract Ag Business

  2. What is a Contract Definition: Agreement Definition: Contract • A social agreement between 2 or more parties which sometimes may not be legal • A legally binding agreement that is enforceable by law.

  3. 7 Elements of a contract • Offer • Acceptance • Legal Purpose • Mutuality of Obligation • Certainty of Subject Matter • Consideration • Competent parties

  4. offer • Definition: offerer makes a proposal to another party. Offerer- The person who is making the offer

  5. Acceptance Definition: When an offeree agrees to all the terms and conditions of the offer. Offeree: The person who is choosing to accept or decline the offer

  6. Legal Purpose • Definition: The objective of the contract must consist of legal activities.

  7. Mutuality of Obligation • Defintion: Both parties understand and assent to the objectives of contract. Meeting of the Minds

  8. Certainty of Subject matter • Definition: The obligations of the contract must be clear so that a court of law can understand both parties obligations.

  9. considerations • Definition: There must be benefit or detriment to one or both parties.

  10. Competent parties • Definition: The law generally presumes that everyone has the capacity to contract. HOWEVER* You are not considered competent if you are under 18 Who signs for minors?

  11. Make or Accept an offer • 1.)Make a contract with a business owner in class. • 2.) Incorporate all 7 elements into your contract. • 3.) HINT*-go through each slide of notes and make sure you have each element incorporated into your contract. • 4.) Both parties must sign and date their contract.

More Related