1. Contract Law Organize the requirements of each element of a contract

2. Contract Law zAll 6 Elements are required in order to have a contract zContract yany agreement enforceable by law yEx Every time you buy something

3. 6 Elements zOffer yProposal by one party to another with intent to create a legal binding agreement zAcceptance yan unqualified willingness to go along with the offer

4. 6 Elements continued zGenuine Agreement yif a valid offer is met by a valid acceptance then a genuine agreement exists yCan be destroyed by fraud, misrepresentation,duress, or undue influence zCapacity yLegal ability to enter into a contract yEx Minor, mentally ill, drunk, drugs

5. 6 Elements continued zConsideration yMust exchange something of value in order to create a bond zLegality yMust be permitted by law yCourts will not enforce an illegal contract

6. Offer zOffer yProposal zOfferor yMakes the offer zOfferee yOffer made to this person

7. 3 Requirements of an Offer zSerious Intent yMust intend to make the offer yAdvertisements? xNo serious intent xKnown as an invitation to negotiate zDefinite and Certain yMust use definite words zCommunicate to the Offeree yPhone, fax, Internet, letter, etc