contracts. a contract… is any agreement enforceable by law
Post on 23-Dec-2015
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A contract…is any agreement enforceable by law
Think of an example of…
• a contract you have entered into or will enter into.
• a contract that one or both of your parents have entered into.
• a contract that a business would enter into.
Elements (parts) of Contracts
Offer
Acceptance
Genuine Agreement
Legality
Capacity
Consideration
Offer and Acceptance
Offer
Proposal by one party to another to enter into some type of agreement.
The offer must be:• Serious
• Definite and Certain
• Communicated
Who is making an offer to sell goods for an additional 50% off?
How could you accept this offer?
Is this a serious offer?
Is this offer “definite and certain?”
How has this offer been “communicated?”
Contracts
Acceptance
Agreeing to the terms of the offer
Contracts
Acceptance It must be unconditional - MIRROR IMAGE RULE
Contracts
Counteroffer
…becomes a new offerContracts
Seeing it in action…
eBay
What are the requirements of an offer?
3 basic requirements
What is the mirror image rule? (having to do with acceptance of an offer)
it must not change the original terms of the offer in any way
What is the difference between the mirror image rule and a counteroffer?
Mirror image rule does not change the offer in any way.
A counteroffer happens when the terms of
the acceptance change the original offer.
Contracts
Next up…
Genuine Agreement
a.k.a. “meeting of the minds”
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