Presentation on theme: "Welcome! The Topic For Today Is…. Contract Law Contract Law Elements of a contract Characteristics of a contract Termination of an offer Requirements."— Presentation transcript:
Welcome! The Topic For Today Is…. Contract Law
Contract Law Elements of a contract Characteristics of a contract Termination of an offer Requirements of Acceptance Miscellaneous Bonus Question: 5000 pts
Topic 1: 200 Question 1: what is an offer? Answer: An offer is a proposal by one party to another intended to create a legally binding agreement.
Topic 1: 400 Question: How would you define a genuine agreement in your own words? Answer: Well Genuine is something true. A valid offer is met with a valid acceptance.
Topic 1: 600 Question: Name the six elements of a contract. Answer: Capacity, consideration, legality, offer, acceptance, and genuine agreement.
Topic 1: 800 Question: Who are excused from contractual responsibility ? Answer: Minors, mentally impaired people, and individuals under the influence of drugs or alcohol.
Topic 1: 1000 Question: Define what is a contract. Answer: A contract is any agreement enforceable by law.
Topic 2: 200 Question: Give a definition of what valid means. Answer: Valid is something legally good.
Topic 2: 400 Question: Define a bilateral contract. Answer: A bilateral contract is a contract that contains two promises.
Topic 2: 600 Question: In which type of contract do both parties, the offeror and the offeree, make promises. Answer: A bilateral contract
Topic 2: 800 Question: What would be an example of an implied contract? Answer: when you pay for your gas you have an implied contract with the person who you paid your gas to.
Topic 2: 1000 Question: What contract is oral or written? Answer: An expressed contract
Topic 3: 200 Question: What is the difference between revocation and rejection? Answer: Revocation is the taking back of an offer by the offeror. Rejection is when the offeree refuses the offer and brings the offer to an end.
Topic 3: 400 Question: Can you change you mind and withdraw an offer? Answer: You can withdraw as long as the offeree has not already accepted the offer.
Topic 3: 600 Question: How would you describe a counteroffer.? Answer: A counteroffer ends the first offer. For example) If you tell someone I will sell my car to you for 12,000 and that person says I will sell my car 10,000.
Topic 3: 800 Question: Describe Death or Insanity Answer: If the offeror dies or becomes insane before the offer is accepted, the offer comes to an end.
Topic 3: 1000 Question: Expiration of time give an example. Answer: Lets just say Aniya has offered to sell her car for 1,200. Aniya tells Franny the offer will remain into effect until noon of the following day.
Topic 4: 200 Question: How would you describe definite and certainness? Answer: Definite and Certainness means that it has to be detailed and states exactly what the contract says.
Topic 4: 400 Question: What is the Mirror Image rule? Answer: The Mirror Image rule means that the terms stated in the acceptance must exactly mirror or match the terms of the offer.
Topic 4: 600 Question: How would you define serious intent? Answer: I would define serious intent as entering into the contract with a legal obligation.
Topic 4: 800 Question: How would you define definiteness and certainty? Answer: Definiteness and certainty means that you state exactly what the contract is about.
Topic 4: 1000 Question: list different communication to the offeree. Answer: Offers can be made by: telephone, letter, telegram, fax, etc….
Topic 5: 200 Question: What is invitations to negotiate? Answer: They are invitations to deal, trade, or make an offer.
Topic 5: 400 Question: In Latin what does bilateral mean? Answer: Bi means two lateral means sides
Topic 5: 600 Question: In Latin what does Unilateral mean? Answer: Uni meaning one lateral meaning side?
Topic 5: 800 Question: Name a well known contracts for teenagers. Answer: cellphone contract
Topic 5: 1000 Question: You can ask a question here, it has to relate to the topic, as # get higher, Qs get harder! Answer (The answer here!)
Bonus Question: 5000 pts. Question: Does a contract have to be in writing in order for it to be valid? Answer: No it doesnt a contract maybe be valid orally.
Of the six elements, which is the most crucial to setting up a valid contract?
You lost your backpack and posted a $20 reward for it. If someone who did not know about the reward returned the backpack, would you be legally obligated to pay the reward?