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How Contract Arise Chapter 5.

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Presentation on theme: "How Contract Arise Chapter 5."— Presentation transcript:

1 How Contract Arise Chapter 5

2 Contractual Chaos Cast Mr. Benes Viktor Alena Emil
What are the legal issues? Does the promise to do a favor create a binding contract What characteristics do contracts share? When does a contract legally come into existence? What constitutes a legal offer? What constitutes a legal acceptance?

3 Contracts Section 5.1 Identifying 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 contracts How to distinguish between express and implied contracts How to identify unilateral and bilateral contracts How to distinguish between oral and written contracts

5 Legal Terms Contract Offer/acceptance Genuine agreement Capacity
Consideration legality Void/voidable contract Unenforceable contract Express/implied contract Bilateral/unilateral contract

6 Understanding Contract Law

7 The Nature of a Contract

8 Theories of Contract Law

9 Elements of a Contract Offer Acceptance Genuine Agreement
Consideration Capacity Legality

10 Characteristics of a Contract
Valid, void, voidable or unenforceable Expressed or implied Bilateral or unilateral Oral or written

11 Section 5.1 Assessment Reviewing what you learned
Critically Thinking Activity Legal Skills in Action Elements 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 negotiate How to recognize the requirements of an acceptance How to distinguish between an acceptance and a counter offer How to recognize when an offer has terminated.

14 Legal Terms Invitations to negotiate Mirror image rule Counteroffer
Revocation Rejection

15 Requirements of an Offer
Basic requirements Made seriously Definite and certain Communicated to the offeree Because 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

16 Serious Intent

17 Definiteness and Certainty

18 Communication to Offeree

19 Requirement of Acceptance
Requirements must be met The acceptance must be unconditional Must follow the rules regarding the method of acceptance The second element of a legally binding contract is acceptance

20 Unconditional Acceptance

21 Method of Acceptance

22 Termination of an Offer
Revocation Rejection Counteroffer Expiration of Time Death or Insanity Even though an offer has been properly communicated it may be terminated in any of the following ways.

23 Section 5.2 Assessment Reviewing what you learned
Critical Thinking Activity Legal Skill in Action


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