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Bell Ringer . WHAT DO YOU THINK MAKES A CONTRACT DIFFERENT FROM AN AGREEMENT?. “Leonard v. Pepsi” . http://www.youtube.com/watch?v=ZdackF2H7Qc. http://www.youtube.com/watch?v=VnChrJuX7xg. Business Law. CONTRACT LAW BUSINESS AND PERSONAL LAW Mr. Khatcheressian 12/03/2013. Objectives.

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Bell ringer

Bell Ringer

  • WHAT DO YOU THINK MAKES A CONTRACT DIFFERENT FROM AN AGREEMENT?


Leonard v pepsi

“Leonard v. Pepsi”

  • http://www.youtube.com/watch?v=ZdackF2H7Qc


Business law

http://www.youtube.com/watch?v=VnChrJuX7xg

Business Law

CONTRACT LAW

BUSINESS AND PERSONAL LAW

Mr. Khatcheressian 12/03/2013


Objectives

Objectives

  • Students will define “contract” in regards to the legal system

  • Elements of Contract

  • How Contracts come to an end.


Agenda

Agenda

  • Bell Ringer

  • Objectives

  • Key Terms / Chapter Survey

  • 6 Elements of a Contract

  • Characteristics of a Contract

  • Case Study (pair up)

  • Closure


Fill in the blank

FILL IN THE BLANK

WHEN I ACCESS A MUSIC DOWNLOAD SERVICE ON THE INTERNET, I HAVE TO READ A DOCUMENT CALLED A ______________AND CHECK A BOX THAT SAYS THAT I ________________THE TERMS OF THE AGREEMENT.


Fill in the blank1

FILL IN THE BLANK

WHEN I ACCESS A MUSIC DOWNLOAD SERVICE ON THE INTERNET, I HAVE TO READ A DOCUMENT CALLED A CONTRACTAND CHECK A BOX THAT SAYS THAT I ACCEPT THE TERMS OF THE AGREEMENT.


Key terms

KEY TERMS

  • CONTRACT

  • OFFER

  • ACCEPTANCE

  • GENUINE AGREEMENT

  • EXPRESS CONTRACT

  • IMPLIED CONTRACT

  • BILATERIAL CONTRACT

  • UNILATERIAL CONTRACT


Six elements of a contract

Six elements of a contract

  • An agreement is not a contract unless it contains the six elements of a contract:

    • Consideration

    • Capacity

    • Legality

    • Offer

    • Acceptance

    • Genuine Agreement


Consideration

CONSIDERATION

  • THE THING OF VALUE PROMISED TO ONE PARTY IN A CONTRACT IN EXCHANGE FOR SOMETHING ELSE OF VALUE PROMISED BY THE OTHER PARTY.


Capacity

CAPACITY

  • THE LAW PERSUMES THAT ANYONE ENTERING A CONTRACT HAS THE LEGAL CAPACITY TO DO SO.

    • Example-Getting Married

    • MINORS ARE GENERALLY EXCUSED FROM CONTRACTUALY RESPONSIBILITY AS WELL AS MENTALLY IMPAIRED PEOPLE AND INDIVIDUALS UNDER THE INFLUENCE.


Legality

LEGALITY

  • PARTIES ARE NOT ALLOWED TO ENFORCE CONTRACTS THAT INVOLVE ILLEGAL ACTS. SOME ILLEGAL CONTRACTS INVOLVE AGREEMENTS TO COMMIT A CRIME OR A TORT (A private wrong committed by one person against another)..


Offer

OFFER

  • A proposal by one party to another intended to create a legally binding agreement

    • EXAMPLE- A CAR DEALER OFFERS YOU A PRICE ON A CAR.


Random fact of the day

Random Fact of the Day

  • Chuck Norris counted to infinity twice.


Acceptance

ACCEPTANCE

  • The second party's unqualified willingness to go along with the first party's proposal


Genuine agreement

Genuine Agreement

  • An agreement that is true and genuine: a valid offer is met by a valid acceptance


Bilateral contract

bilateral contract

  • A bilateral contract is an agreement in which each of the parties to the contract makes a promise or set of promises to the other party or parties.

  • For example, in a contract for the sale of a home, the buyer promises to pay the seller $200,000 in exchange for the seller's promise to deliver title to the property.


Unilateral contract

unilateral contract

  • In a unilateral contract, only one party to the contract makes a promise.

  • A typical example is the reward contract: A promises to pay a reward to B if B finds A's dog. B is not under an obligation to find A's dog, but A is under an obligation to pay the reward to B if B does find the dog.


Characteristics of a contract

CHARACTERISTICS OF A CONTRACT

  • EXPRESS- oral or written

  • IMPLIED- no single word is exchanged (comes from the actions of the parties involved).

    • Example-paying cash in advance to pump gas.


Agenda1

Agenda

  • Hey, We’re having a Quiz??

  • Quiz on Contracts!

  • 10 Things to Know Today!

  • Case Study (pair up)

  • Review Assignment

  • Contest!!!

  • Closure


10 things to know today

10 Things To Know Today!

  • Nelson Mandela dies at age 95:

    • South Africa mourns the death of Nelson Mandela

  • Tributes pour in from around the world:

    • Leaders, celebrities and ordinary people applaud Mandela's epic struggle against apartheid and his nurturing of a new, democratic country.

  • What Economists are looking at today:

    • The November jobs report will provide a strong signal whether the U.S. economy can maintain its momentum.


10 things to know continued

10 Things to know (continued)

  • Obamacare:

    • The fixed Web portal now has much less time to sign up the White House's goal of 7 million people by the end of March.

  • Texas prepares of “Ice Day”:

    • A massive storm moves to the center of the U.S., disrupting travel and forcing school closures.

  • STUDENTS FONDLY REMEMBER AMERICAN TEACHER KILLED IN BENGHAZI

    • The 33-year-old Michigan native was gunned down in Libya days before his Christmas vacation was to begin


10 things to know cont

10 things to know (Cont)

  • NYPD'S INCOMING CHIEF FACES FRESH DILEMMAS

    • Post-9/11 counterterrorism and the controversial stop-and-frisk policy are new challenges to William Bratton, who led the city's police force two decades ago

  • . WHY CARGO BIKES ARE THE NEW MINIVAN

    • Cyclists are pushing the limits of what they can carry on a sturdy bicycle, from hauling groceries to delivering beer.


10 things to know

10 Things to know

  • HOW MANDELA USED RUGBY TO URGE UNITY IN HIS HOMELAND

    • The anti-apartheid hero wore the jersey of a team that was once all-white to call for national reconciliation.

  • NO CHARGES AGAINST SEMINOLES QUARTERBACK

    • There's not enough evidence to prosecute Jameis Winston, a leading Heisman candidate, in a sexual assault case, the Florida State Attorney says.


Fun fact of the day

Fun fact of the Day

  • The researchers found that people with a high caffeine intake, whether it came from coffee, tea, chocolate or caffeinated energy drinks or pills, had a three-times-higher tendency to hear voices and see things that were not there than those who consumed the equivalent of a half-cup of brewed coffee (or one cup of instant coffee).


On your own and in your own words be prepared to turn in and share

On Your Own and in your own words-Be Prepared to turn In and SHARE.

  • Find a related contract law case via the internet and break it down as follows:

    • FACTS-Who are the parties to the lawsuit, what is their dispute

    • ISSUE-What is the basic legal question regarding what specific provision of law that is to be decided in the case?

    • HOLDING- What is the majority’s basic answer to the basic legal question in the case

    • RULE-What rule of law is announced in the case?


Exit ticket

Exit Ticket

  • Today we learned that a contract is an agreement forcible by law. Anything that is illegal, cannot constitute a legally binding contract such as a contract to sell drugs, steal, or commit murder.

  • For your exit ticket , please make a list of 5 things that you think require written contracts.

    Number one has been given to you as an example.

  • 1. sales contract for the buying or selling of a good or service


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