Presentation on theme: "Contract Presentation.. Offer and Acceptance Questions: 1.What are the requirements of an offer? 2.How are acceptances Created? 3.What are the elements."— Presentation transcript:
Offer and Acceptance Questions: 1.What are the requirements of an offer? 2.How are acceptances Created? 3.What are the elements of a contract? 4.How can an offer be kept open? 5.How can offers be ended? 6.How can you prevent legal difficulties when entering into a contract? Answers: Offer and acceptance, Genuine assent, legality, consideration, capacity, writing. Acceptance occurs when a party to who an offer has been made agrees to the proposal. Mutual consent, offer and acceptance The offer is the basis of the bargain. If its not valid, there can be no contract for the courts to enforce. If there is no basis of the bargain. A. make sure its in writing.
Genuine Agreement 1.What is Genuine agreement and rescission? 2.What is undue influence? 3.What is a unilateral mistake? 4.What are mutual mistakes? 5.What is misrepresentation? 6.What is fraud and what is a remedy for fraud ? Agreement to enter into a contract that is evident by words or conduct between parties. One party is in position of trust and wrongfully dominates the other party. When one party holds an incorrect belief about the facts related to a contract. Both parties have an incorrect belief about an important fact. Misrepresentation is a contract law concept, meaning false statement of fact made by one party to another party. fraud is a deliberate misrepresentation which causes another person to suffer damages, usually monetary losses. Remedy of fraud
Legality of Contracts Which contracts are made illegal by specific statute? Which agreements obstruct legal procedures?