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Contracts

Learn about the essential elements of a contract, including offer, acceptance, consideration, and competent parties. Understand the importance of these elements and how they form a legally binding agreement.

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Contracts

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  1. Contracts

  2. Essential Element #1: Offer and Acceptance offeror offeree Gotta have both

  3. Essential Element #2: Consideration Both sides have to give something up (doesn’t have to be money)

  4. A promise without consideration is unenforceable. I will always love you I’ll pick you up at 6:00 I’ll always be there for you

  5. Essential Element #3: Competent Parties Matt Bowers, 2028 Max Carter, 2015

  6. Essential Element #4: Legal Purpose

  7. Must have all four: • Offer and Acceptance • Mutual Consideration • Competent Parties • Legal Purpose or there is no contract!

  8. A voidcontract is dead A voidable contract can be killed Contract

  9. Expresscontract • All the terms are stated orally or in writing Greetings merchant! I would like to buy this pack of cigarettes for $9.50!!! I accept your offer!!!

  10. Implied Contract A contract arises from the reasonable interpretation of the actions of the parties Next time you buy groceries, don’t say a single word. A

  11. Quasi Contract - Finding a contract where one of the elements is missing (in the interests of fairness)

  12. A valid contract is good (enforceable)

  13. The Offeror makes an offer……….

  14. The Offeree is the person to whom the offer is made. (can accept, reject or ignore the offer)

  15. An OFFER must be: serious appear sincere to a reasonable person definite specific as to the important details of the contract communicated to the offeree I’ll give you $5.00 for Brie. Githler

  16. Advertisements and auctions are invitations to make an offer Any bids?

  17. How an offer ends: (when can it no longer be accepted?) Lapse of Time Either in the contract or after a ‘reasonable time’ Rejection by the Offeree Counteroffer by the Offeree

  18. Make it seven dollars and you have a deal. I will give you five dollars for that cat. Githler Carter OFFER OFFER COUNTER-OFFER

  19. How an offer ends: (when can it no longer be accepted?) Revocation by the Offeror Death/Insanity of the Offerorbefore acceptance

  20. $5 for the cat. Give me a minute… Githler Carter Oops! Too late!

  21. Not so fast, Githler.Selling cats is now illegal. $5 for the cat. Alive. Cat dies. Githler Hunter How an offer ends: Impossibility It becomes impossible to perform the contract (before acceptance) Illegality The subject of the contract becomes illegal (before acceptance)

  22. The Acceptance can be made only by the Offeree nobody else! Yes! I’ll sell you my cat for $5.00! Githler Carter Mr. Carter, I’ll give you $5.00 for that tasty-looking cat. Derfel

  23. The Acceptance must agree with the offer or it’s a counteroffer! and it must be communicated to the offerorto become a contract I agree. You can have the cat for $5.00. Bon apetit! Githler Carter I’ll give you $5.00 for that tasty-looking cat.

  24. An acceptance by mail is delivered when it is deposited in the mail!

  25. You can’t make silence a form of acceptance. If I don’t hear anything from you in the next two seconds, then you agree to sell me your cat for $5.00. Githler Carter

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