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Consumer and Housing law Contracts – Chapter 22 Piotrowski.

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Presentation on theme: "Consumer and Housing law Contracts – Chapter 22 Piotrowski."— Presentation transcript:

1 Consumer and Housing law Contracts – Chapter 22 Piotrowski

2 Bell-ringer Correct the sentence and fill in the blanks with two of the words below so that the statement is true. –consumer –caveat –offer –acceptance

3 What is a consumer? A person who buys goods or services from a seller. In the Past-- “caveat emptor” : Buyer beware!

4 What did this force people to do? Look out Be aware Do homework Do research Look into background of seller Ask for opinions of others

5 Craig’s List A website designed for people to come together to buy, sell, barter, get information…etc. Buyer Beware!

6 Law is more balanced today! Consumers have right to be be correctly informed. –Quality –Price –Credit Consumers have responsibility to be fair and honest.

7 Contracts What is a contract? It is an agreement between two or more persons to exchange something of value. Legally binding Failure to meet agreement – breach of contract

8 Elements of a Contract A legal contract contains: –Offer by one party (directly) –Acceptance by another (certain actions) –Consideration (something of value is exchanged) –You order food at a restaurant (offer) –They begin cooking (acceptance) –Money for a burger (consideration)

9 Value? The law says nothing about whether the items are of equal value… Good deals and bad deals are not protected. (with exceptions: gouging) People entering contracts must be legally competent to make a deal. Does not include illegal activity. $4.50 for a Coke at the beach on a Summer Day.

10 Legal Contract? Adam says to Basil, I’m going to sell my car for $500.00. Basil replies, “All right, here is the money, I’ll take it.”

11 Legal Contract? You tell a friend you will give her $10.00 if she walks across an old wooden bridge. She says nothing, but starts walking across the bridge.

12 Legal Contract? A friend offers you $100.00 to steal some books from a library. You do it, and seek your friend out for the money.

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