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Bell Ringer

Bell Ringer . WHAT DO YOU THINK MAKES A CONTRACT DIFFERENT FROM AN AGREEMENT?. “Leonard v. Pepsi” . http://www.youtube.com/watch?v=ZdackF2H7Qc. http://www.youtube.com/watch?v=VnChrJuX7xg. Business Law. CONTRACT LAW BUSINESS AND PERSONAL LAW Mr. Khatcheressian 12/03/2013. Objectives.

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Bell Ringer

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  1. Bell Ringer • WHAT DO YOU THINK MAKES A CONTRACT DIFFERENT FROM AN AGREEMENT?

  2. “Leonard v. Pepsi” • http://www.youtube.com/watch?v=ZdackF2H7Qc

  3. http://www.youtube.com/watch?v=VnChrJuX7xg Business Law CONTRACT LAW BUSINESS AND PERSONAL LAW Mr. Khatcheressian 12/03/2013

  4. Objectives • Students will define “contract” in regards to the legal system • Elements of Contract • How Contracts come to an end.

  5. Agenda • Bell Ringer • Objectives • Key Terms / Chapter Survey • 6 Elements of a Contract • Characteristics of a Contract • Case Study (pair up) • Closure

  6. FILL IN THE BLANK WHEN I ACCESS A MUSIC DOWNLOAD SERVICE ON THE INTERNET, I HAVE TO READ A DOCUMENT CALLED A ______________AND CHECK A BOX THAT SAYS THAT I ________________THE TERMS OF THE AGREEMENT.

  7. FILL IN THE BLANK WHEN I ACCESS A MUSIC DOWNLOAD SERVICE ON THE INTERNET, I HAVE TO READ A DOCUMENT CALLED A CONTRACTAND CHECK A BOX THAT SAYS THAT I ACCEPT THE TERMS OF THE AGREEMENT.

  8. KEY TERMS • CONTRACT • OFFER • ACCEPTANCE • GENUINE AGREEMENT • EXPRESS CONTRACT • IMPLIED CONTRACT • BILATERIAL CONTRACT • UNILATERIAL CONTRACT

  9. Six elements of a contract • An agreement is not a contract unless it contains the six elements of a contract: • Consideration • Capacity • Legality • Offer • Acceptance • Genuine Agreement

  10. CONSIDERATION • THE THING OF VALUE PROMISED TO ONE PARTY IN A CONTRACT IN EXCHANGE FOR SOMETHING ELSE OF VALUE PROMISED BY THE OTHER PARTY.

  11. CAPACITY • THE LAW PERSUMES THAT ANYONE ENTERING A CONTRACT HAS THE LEGAL CAPACITY TO DO SO. • Example-Getting Married • MINORS ARE GENERALLY EXCUSED FROM CONTRACTUALY RESPONSIBILITY AS WELL AS MENTALLY IMPAIRED PEOPLE AND INDIVIDUALS UNDER THE INFLUENCE.

  12. LEGALITY • PARTIES ARE NOT ALLOWED TO ENFORCE CONTRACTS THAT INVOLVE ILLEGAL ACTS. SOME ILLEGAL CONTRACTS INVOLVE AGREEMENTS TO COMMIT A CRIME OR A TORT (A private wrong committed by one person against another)..

  13. OFFER • A proposal by one party to another intended to create a legally binding agreement • EXAMPLE- A CAR DEALER OFFERS YOU A PRICE ON A CAR.

  14. Random Fact of the Day • Chuck Norris counted to infinity twice.

  15. ACCEPTANCE • The second party's unqualified willingness to go along with the first party's proposal

  16. Genuine Agreement • An agreement that is true and genuine: a valid offer is met by a valid acceptance

  17. bilateral contract • A bilateral contract is an agreement in which each of the parties to the contract makes a promise or set of promises to the other party or parties. • For example, in a contract for the sale of a home, the buyer promises to pay the seller $200,000 in exchange for the seller's promise to deliver title to the property.

  18. unilateral contract • In a unilateral contract, only one party to the contract makes a promise. • A typical example is the reward contract: A promises to pay a reward to B if B finds A's dog. B is not under an obligation to find A's dog, but A is under an obligation to pay the reward to B if B does find the dog.

  19. CHARACTERISTICS OF A CONTRACT • EXPRESS- oral or written • IMPLIED- no single word is exchanged (comes from the actions of the parties involved). • Example-paying cash in advance to pump gas.

  20. Agenda • Hey, We’re having a Quiz?? • Quiz on Contracts! • 10 Things to Know Today! • Case Study (pair up) • Review Assignment • Contest!!! • Closure

  21. 10 Things To Know Today! • Nelson Mandela dies at age 95: • South Africa mourns the death of Nelson Mandela • Tributes pour in from around the world: • Leaders, celebrities and ordinary people applaud Mandela's epic struggle against apartheid and his nurturing of a new, democratic country. • What Economists are looking at today: • The November jobs report will provide a strong signal whether the U.S. economy can maintain its momentum.

  22. 10 Things to know (continued) • Obamacare: • The fixed Web portal now has much less time to sign up the White House's goal of 7 million people by the end of March. • Texas prepares of “Ice Day”: • A massive storm moves to the center of the U.S., disrupting travel and forcing school closures. • STUDENTS FONDLY REMEMBER AMERICAN TEACHER KILLED IN BENGHAZI • The 33-year-old Michigan native was gunned down in Libya days before his Christmas vacation was to begin

  23. 10 things to know (Cont) • NYPD'S INCOMING CHIEF FACES FRESH DILEMMAS • Post-9/11 counterterrorism and the controversial stop-and-frisk policy are new challenges to William Bratton, who led the city's police force two decades ago • . WHY CARGO BIKES ARE THE NEW MINIVAN • Cyclists are pushing the limits of what they can carry on a sturdy bicycle, from hauling groceries to delivering beer.

  24. 10 Things to know • HOW MANDELA USED RUGBY TO URGE UNITY IN HIS HOMELAND • The anti-apartheid hero wore the jersey of a team that was once all-white to call for national reconciliation. • NO CHARGES AGAINST SEMINOLES QUARTERBACK • There's not enough evidence to prosecute Jameis Winston, a leading Heisman candidate, in a sexual assault case, the Florida State Attorney says.

  25. Fun fact of the Day • The researchers found that people with a high caffeine intake, whether it came from coffee, tea, chocolate or caffeinated energy drinks or pills, had a three-times-higher tendency to hear voices and see things that were not there than those who consumed the equivalent of a half-cup of brewed coffee (or one cup of instant coffee).

  26. On Your Own and in your own words-Be Prepared to turn In and SHARE. • Find a related contract law case via the internet and break it down as follows: • FACTS-Who are the parties to the lawsuit, what is their dispute • ISSUE-What is the basic legal question regarding what specific provision of law that is to be decided in the case? • HOLDING- What is the majority’s basic answer to the basic legal question in the case • RULE-What rule of law is announced in the case?

  27. Exit Ticket • Today we learned that a contract is an agreement forcible by law. Anything that is illegal, cannot constitute a legally binding contract such as a contract to sell drugs, steal, or commit murder. • For your exit ticket , please make a list of 5 things that you think require written contracts. Number one has been given to you as an example. • 1. sales contract for the buying or selling of a good or service

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