1 / 17

Contracts

Contracts. A contract… . i s any agreement enforceable by law. Think of an example of…. a contract you have entered into or will enter into. a contract that one or both of your parents have entered into. a contract that a business would enter into. Elements (parts) of Contracts. Offer.

peri
Download Presentation

Contracts

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. Contracts

  2. A contract… is any agreement enforceable by law

  3. Think of an example of… • a contract you have entered into or will enter into. • a contract that one or both of your parents have entered into. • a contract that a business would enter into.

  4. Elements (parts) of Contracts Offer Acceptance Genuine Agreement Capacity Consideration Legality

  5. Offer and Acceptance

  6. Offer Proposal by one party to another to enter into some type of agreement.

  7. The offer must be: • Serious • Definite and Certain • Communicated 

  8. Who is making an offer to sell goods for an additional 50% off? Is this a serious offer? How could you accept this offer? Is this offer “definite and certain?” How has this offer been “communicated?” Contracts

  9. Acceptance Agreeing to the terms of the offer Contracts

  10. Acceptance It must be unconditional - MIRROR IMAGE RULE Contracts

  11. Counteroffer Contracts …becomes a new offer

  12. Seeing it in action… eBay

  13. What are the requirements of an offer? 3 basic requirements

  14. What is the mirror image rule? (having to do with acceptance of an offer) it must not change the original terms of the offer in any way

  15. What is the difference between the mirror image rule and a counteroffer? Mirror image rule does not change the offer in any way. A counteroffer happens when the terms of the acceptance change the original offer. Contracts

  16. Next up… Genuine Agreement a.k.a. “meeting of the minds”

More Related