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Contract Presentation Questions

Contract Presentation Questions . By: Ana Rivas Bobby Tomlin. Offer and Acceptance slides. What are the elements of a contract? The elements of a contract are Offer and Acceptance, Genuine Assent, Legality, Consideration, Capacity, and Writing. How can offers be ended?

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Contract Presentation Questions

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  1. Contract Presentation Questions By: Ana Rivas Bobby Tomlin

  2. Offer and Acceptance slides • What are the elements of a contract? • The elements of a contract are Offer and Acceptance, Genuine Assent, Legality, Consideration, Capacity, and Writing. • How can offers be ended? • Offers can be ended by the offerors must be definite and accepted without change by the party to whom it was intended to be offered. • How can an offer be kept open? • An offeror is not legally obligated to keep an offer open for a specified time even if the offeror has promised to do so however an offer can be kept open by the offered gives the offeror something of value in return for a promise to keep the offer open, this agreement is itself a binding contract.

  3. Offer and Acceptance slides Continues… • How are acceptances created? • Acceptances are created to communicated to the offeror, match the terms in the offer and it should come form the person or persons to whom the offer was made. • How can you prevent legal difficulties when entering into a contract? • You can prevent legal difficulties when entering into a contract by reading the contract carefully also it’s a great idea if you have an attorney specify the main details for the contract. Another great thing to do is make sure the person who’s offering the contract is in good conditions as they are no insane, or on drugs.

  4. Genuine Agreement Slides • What is Genuine agreement and rescission? • Genuine assent agreement to enter into a contract that is evidenced by words or conduct between the parties. Rescission is backing out of the transaction by asking for the return of what you gave and offering to give back what you received. • What is undue influence? • Undue influence occurs when one party to a contract is in a position of trust and wrongfully dominates the other party. • What is a unilateral mistake? • Unilateral mistake occurs when one party holds an incorrect belief about the facts related to a contract.

  5. Genuine Agreement Slides Continues… • What is misrepresentation? • There is two different types of misrepresentation, innocent misrepresentation is when the party contract does not know that a statement he or she made is untrue. Also fraudulent misrepresentation is when the party to a contract knows that a statement he or she made is untrue. • What is fraud and what is a remedy for fraud? • Fraud is an intentional misrepresentation of an existing, important fact. The remedy for fraud is that once proven the fraud was done intentionally, court will allow to recover of actual damages and punitive damages.

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