Agreements & Contracts

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Presentation transcript:

Agreements & Contracts

CONTRACTS Do you think Ford’s claim of 36 mpg gas consumption is a contract? Why or why not?

6 elements to a contract 1. Offer 2. Acceptance 3. Genuine agreement 4. Capacity 5. Consideration 6. Legality Of these six elements, which is the most crucial to setting up a valid contract?

Characteristics of a Contract Valid Void – no legal force A. Between two minors Voidable A. Between a minor and an adult Unenforceable

Characteristics of a Contract Express Contract Oral, written Implied Contract By actions of the people involved

Characteristics of a Contract Bilateral Contract Two promises Unilateral Contract One promise

Characteristics of a Contract Oral Word of mouth Written Exact terms Proof

3 Requirements of an Offer 1. Serious Intent Intention of entering a legal obligation 2. Definite and certain Clear understanding of who is responsible for what details 3. Communication to the offeree via – telephone, letter, fax, email

Acceptance: unqualified willingness to go along with the offer. Unconditional Acceptance Mirror image rule Exact match of terms stated in the offer Counteroffer Modifying the terms of the original offer House Car Athlete

Termination of an Offer Revocation: take back of an offer. Rejection: refusal Counteroffer: ends the first offer. (Mexico) Expiration of time Option Death or insanity

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