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Contract Law

Contract Law. Target. I can explain and identify all five elements of a valid contract. Contract:. A legally binding agreement between two or more people. Five Elements MUST be present in order for a contract to be valid. Are these contracts? . Eating at a restaurant

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Contract Law

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  1. Contract Law

  2. Target • I can explain and identify all five elements of a valid contract.

  3. Contract: • A legally binding agreement between two or more people. • Five Elements MUST be present in order for a contract to be valid.

  4. Are these contracts? • Eating at a restaurant • Hiring the 13 year old next door to baby-sit • Asking a girl to the prom • Getting married • A wager on a football game with your friend • Turning the heat on in your house • Taking a class at Harper • Buying a house • Friday night poker game

  5. Five Elements of a Contract • 1. Offer & Acceptance– mutualassent A. Offer • Definite offer or proposal • Person placing the offer (the offeror) intended to be bound by it

  6. Contracts B.Acceptance: • Reasonable communication • Cannot accept with silence • Must come from the person to whom the offer was made (the offeree) • Acceptance of material

  7. Contracts • 2. Competent Parties • May not be competent: • Minor, there are exceptions! • Not valid on necessities • Cannot be voided after 18 years old • Business owners are not considered minors • Intoxicated • Mentally impaired

  8. Contracts • 3. Legal purpose • No contracts for stolen/illegal goods • What if you didn’t know?? • 4. Consideration • Exchange of services: every contract must have consideration • Benefit and detriment (gain or loss) • What about Promises: are they enforceable? • NO – no mutual gain/loss

  9. Contracts • 5. Proper Legal Form • Assumed • Oral • Written • Over $500 • Real Estate • Debt • More than one year to complete • Marriage

  10. Are these contracts? • Eating at a restaurant YES • Hiring the 13 year old next door to baby-sit YES (for the adult only – voidable for the 13 year old) • Asking a girl to the prom YES??? (If both are 18) • Getting married YES • A wager on a football game with your friend NO • Turning the heat on in your house YES • Taking a class at Harper YES • Buying a house YES • Friday night poker game NO

  11. What about advertisements? • They are only an intent to sell, not a legal offer!

  12. Contracts – When are you bound by a contract? • Age 18 • Day before birthday • Age of majority binds prior contract • Marriage terminates minority status • Emancipated minor

  13. Contracts DEFECTIVE AGREEMENTS Not Enforceable! • Misrepresentation (Fraud) • Selling something under false pretenses • intent to commit fraud • Undue Influence • Conniving relative • Concealment of vital facts • House was flooded at one time • Threat or force • Sign this contract or else……

  14. Contract Mistakes 1. Unilateral: (one-sided) • CONTRACT IS VALID 2. Mutual Mistake: (both parties made an error) • CONTRACT IS VOIDABLE!

  15. Uniform Commercial Code • The consumer is protected by Federal law which provides uniform protection across state borders • RULES REGARDING CONTRACTS ARE THE SAME STATE TO STATE! Why???

  16. Small Claims Court • Must be 18 years of age or older • Dollar amount varies from state to state • You do not need a lawyer!

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