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Chapter 12 NATURE AND CLASSES OF CONTRACTS: CONTRACTING ON THE INTERNET PowerPoint Presentation
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Chapter 12 NATURE AND CLASSES OF CONTRACTS: CONTRACTING ON THE INTERNET - PowerPoint PPT Presentation


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Chapter 12 NATURE AND CLASSES OF CONTRACTS: CONTRACTING ON THE INTERNET. Definition of Contract. Offer. CONTRACT. Acceptance. A contract is a binding agreement between two or more parties.

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definition of contract
Definition of Contract

Offer

CONTRACT

Acceptance

  • A contract is a binding agreement between two or more parties.
  • A contract arises when an offer is accepted with contractual intent (the intent to make a binding agreement) and the acceptance is communicated properly.

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parties to a contract
Parties to a Contract

Promisor

(Obligor)

Promisee

(Obligee)

General:

Insurer

Insured

Carrier

Shipper

Parties to an Insurance Policy

Parties to a Transportation Contract

Landlord

(Lessor)

Tenant(Lessee)

Vendor

Vendee

Parties Agreeing Upon Occupation

of a Building for Money (a Lease)

Parties to a Sales Contract

Parties may be: individuals, partnerships, corporations, governments

Examples:

elements of a contract
Elements of a Contract

Elements of a contract:

  • an agreement
  • between competent parties
  • based on genuine assent of the parties
  • supported by consideration
  • made for a lawful objective
  • in the form required by law if any
classes of contracts
Classes of Contracts

FORMAL

contract under seal,

contracts of record,

negotiable instruments

EXPRESS

IMPLIED

INFORMAL

spoken or written words

created by law based on acts or conduct of parties

all other contracts

OR

OR

classes of contracts6
Classes of Contracts

VALID

VOIDABLE

VOID

binding and

enforceable

circumstances

allows cancellation at option of one party

without legal

effect

OR

OR

classes of contracts7
Classes of Contracts

EXECUTED

EXECUTORY

completely performed

something remains to be done

BILATERAL

one promise

given in exchange

for another

UNILATERAL

one party promises to

perform after the other party does some designated act

OR

OR

contract example
Contract Example

}

Parties This contract is executed between the Lookout Alarm system, herein called System, of 276 West Jackson Street, Phoenix, Arizona, and A.J. Armstrong, herein called Homeowner, of 737 Inwood Drive, Phoenix, Arizona

Installation System agrees to install a burglar alarm system at the above address of the homeowner, in accordance with the specifications that are attached hereto.

Payment Homeowner agrees to pay System for the above installation the sum of $4,863.00, $663.00 being paid upon execution of this contract and the balance of $4,200.00being paid within 90 days following satisfactory completion of the work by System.

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}

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}

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A.J. ArmstrongA.J. Armstrong

July 1, 2001Date

Lookout Alarm System

by S.J. McRory

S.J. McRory, President

July 1, 2001

Date

5

other types of contracts
Other Types of Contracts
  • Option Contract: gives one party the right to enter into a second contract at a later time. Also, a contract to hold an offer to make a contract for a fixed period of time.
  • Right of First Refusal: obligates the offeror to make the offer to the person holding this right first.
quasi contracts
Quasi Contracts
  • In certain situations, the law regards it as unjust for a person to receive a benefit and not pay for it.
  • In such a case, the law of quasi contracts allows the performing person to recover the reasonable value of the benefit conferred on the benefited person even though no contract between them requires any payment.