2 Contractual Chaos Cast Mr. Benes Viktor Alena Emil What are the legal issues?Does the promise to do a favor create a binding contractWhat characteristics do contracts share?When does a contract legally come into existence?What constitutes a legal offer?What constitutes a legal acceptance?
3 ContractsSection 5.1Identifying a contract’s elements will help you manage your affairs in an intelligent and effective manner
4 What You’ll Learn Explain the elements of legal contracts How to identify valid, void, voidable and unenforceable contractsHow to distinguish between express and implied contractsHow to identify unilateral and bilateral contractsHow to distinguish between oral and written contracts
9 Elements of a Contract Offer Acceptance Genuine Agreement ConsiderationCapacityLegality
10 Characteristics of a Contract Valid, void, voidable or unenforceableExpressed or impliedBilateral or unilateralOral or written
11 Section 5.1 Assessment Reviewing what you learned Critically Thinking ActivityLegal Skills in ActionElements of a Contract
12 Offer and Acceptance Section 5.2 You need to know when an offer has been made and when an acceptance goes into effect to make sound contracts.
13 What You’ll Learn How to recognize the requirement of an offer How to distinguish between an offer and an invitation to negotiateHow to recognize the requirements of an acceptanceHow to distinguish between an acceptance and a counter offerHow to recognize when an offer has terminated.
15 Requirements of an Offer Basic requirementsMade seriouslyDefinite and certainCommunicated to the offereeBecause the six elements of a contract form the heart of contract law, we will build our study of contracts around them.Understanding the elements of offer and acceptance is necessary before moving on to other matters
19 Requirement of Acceptance Requirements must be metThe acceptance must be unconditionalMust follow the rules regarding the method of acceptanceThe second element of a legally binding contract is acceptance