Presentation on theme: "Consumer and Housing law Contracts – Chapter 22 Piotrowski."— Presentation transcript:
Consumer and Housing law Contracts – Chapter 22 Piotrowski
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
What is a consumer? A person who buys goods or services from a seller. In the Past-- “caveat emptor” : Buyer beware!
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
Craig’s List www.craigslist.com A website designed for people to come together to buy, sell, barter, get information…etc. Buyer Beware!
Law is more balanced today! Consumers have right to be be correctly informed. –Quality –Price –Credit Consumers have responsibility to be fair and honest.
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
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)
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.
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.”
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.
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.