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Contracts

Contracts. Consumer. A person who buys a good or service from a seller. Caveat Emptor. “Let the Buyer Beware” In the past, consumers had to look out for themselves for unfair or misleading sales practices. What is a Contract?.

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Contracts

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  1. Contracts

  2. Consumer • A person who buys a good or service from a seller

  3. Caveat Emptor • “Let the Buyer Beware” • In the past, consumers had to look out for themselves for unfair or misleading sales practices

  4. What is a Contract? • An agreement between two or more persons to exchange something of value.

  5. Elements of a Contract • Offer: a specific proposal by one person to another to make a deal or contract • Must be directed at a person • Must be for something That would not be completed Anyway • Ordering food from a menu

  6. Elements of a Contract 2. Acceptance: Agreeing to the offer and becoming bound to the terms of a contract • Making the ordered food from a menu

  7. Elements of a Contract 3. Consideration: an exchange of something of value • Cash for food

  8. Name the elements of the Contract: • Julie says to Joe “I will sell you my cell phone for $50,” and Joe says “OK” and pays the $50. • Offer? • Acceptance? • Consideration?

  9. Name the Elements of a Contract • Endia offers to drive Kyle to school, if Kyle helps her study for Law & Justice. Kyle writes up a study schedule and tells Endia where to pick him up. • Offer? • Acceptance? • Consideration?

  10. Name the Elements of a Contract • Crystal order a bucket of fried chicken from the drive through menu at KFC for $4.00. The workers quickly prepare her food and she pays at the second window. • Offer? • Acceptance? • Consideration?

  11. Minors • Anyone under 18 can enter into contract • Must have a parent/guardian cosign (agree to responsibility of the contract) • Contract is ratified (official) once the minor turns 18

  12. Written v. Oral Contract • Contracts for the sale of goods over $500 must be in writing. • Law prefers written contracts

  13. Illegal Contracts • Unconscionable Contracts: Unfair, harsh or oppressive contract (not valid) • Conditions: • Take-it or Leave-it bases • Uneven bargaining power • Fraud (false statement used to persuade) • Illegal/Void: One person does not hold up their part

  14. Find the Elements of the Contract • Answer Problem 23.1 (a-f) • (Hint: Only ONE contract is valid (or enforceable)) • Better Business Bureau Scam

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