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Contracts

Contracts. Chapter 5. Identifying a contract’s elements will help you manage your affairs in an intelligent and effective manner. Why you need to know. Describe any contracts you may have entered in the past month? Between you and friend Between you and your parents Between you and sibling

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Contracts

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  1. Contracts Chapter 5

  2. Identifying a contract’s elements will help you manage your affairs in an intelligent and effective manner Why you need to know

  3. Describe any contracts you may have entered in the past month? • Between you and friend • Between you and your parents • Between you and sibling • Between you and a store • Between you and a credit card company • Between you and a phone company Intro to Contracts

  4. Equity theory • Will theory • Formalist theory Page 107 Three theories

  5. Offer • Acceptance • Genuine Agreement • Consideration • Capacity • Legality Page 108 Six Elements Figure 5.1

  6. Valid, void, voidable, or unenforceable • Legal, missing elements, legal but able to be voided, law • Express or Implied • Stated in words, actions of parties • Bilateral or Unilateral • Two sided promise, one sided promise • Oral or Written • Word of mouth, in writing Page 110 Characteristics

  7. What if all contracts had to be in writing to be enforceable? What if?

  8. Sarah paid Isabel $50 to hack into Mrs. Wojcik’s computer files for a copy of the upcoming final exam, but Isabel gave Sarah a copy of the pretest instead. Is this contract valid, void, voidable, or unenforceable? POP QUIZ!!! - QUESTION

  9. Sarah paid Isabel $50 to hack into Mrs. Wojcik’s computer files for a copy of the upcoming final exam, but Isabel gave Sarah a copy of the pretest instead. Is this contract valid, void, voidable, or unenforceable? POP QUIZ!!! - ANSWER

  10. Serious intent • Invitations to negotiate (page 114, example 3) • Definiteness and certainty • “fair share”, “reasonable”, “some” • Communications to the offeree • Example 5 page 116 Requirements of an Offer

  11. Unconditional Acceptance • The mirror image rule • Counteroffer (change in roles) • Uniform Commercial Code (UCC) • Non merchant • Merchant • No crucial difference • No objection • Limited acceptance in original Requirements of Acceptance

  12. Methods of Acceptance • Time • Implied by past practice • Stated in offer • By action • See example 7 on page 119 Requirements of Acceptance

  13. Revocation • Taken back • Rejection • Refusal • Counteroffer • Ends first offer and puts another on the “table” • Expiration of Time • Set in offer • Death or Insanity • Only an offer, not an contract Termination of an Offer

  14. Pair up • Write down an offer on a sheet of paper that does not meet all three requirements. Write an offer

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