Mat 601 - power point presentation

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Mat 601 - power point presentation

  1. 1. Business Law Contract Law Kellie Chapman
  2. 2. Contract <ul><li>Definition of a Contract: </li></ul><ul><li>An agreement that can be enforced in court. </li></ul><ul><li>Formed by two or more parties, each of whom agree to perform or to refrain from performing some act now or in the future. </li></ul>
  3. 3. Elements of a Contract <ul><li>Agreement </li></ul><ul><li>Consideration </li></ul><ul><li>Contractual Capacity </li></ul><ul><li>Legality </li></ul>
  4. 4. Agreement <ul><li>Agreement includes an offer and an acceptance. </li></ul>
  5. 5. Consideration <ul><li>Consideration is defined as something of value received or promised to convince a person to make a deal. </li></ul>
  6. 6. Contractual Capacity <ul><li>Contractual Capacity maintains that the law must recognize parties as possessing characteristics that qualify them as competent. </li></ul>
  7. 7. Legality <ul><li>Legality states that a contract’s purpose must be to accomplish some goal that is legal and is not against public policy. </li></ul>
  8. 8. Defenses to the Enforceability of a Contract <ul><li>Genuineness of Assent: Genuineness of Assent can be described as the apparent consent of both parties must be genuine. </li></ul><ul><li>The following examples are not enforceable: </li></ul><ul><ul><li>Fraud </li></ul></ul><ul><ul><li>Mistake </li></ul></ul><ul><ul><li>Duress </li></ul></ul>
  9. 9. Defenses to the Enforceability of a Contract <ul><li>Form: A contract must be in whatever form the law requires in order to be enforceable. </li></ul><ul><li>For example, some contracts must be in writing in order to be enforceable. </li></ul>
  10. 10. Three Types of Contract Formation <ul><li>Bilateral vs. Unilateral Contracts </li></ul><ul><li>Formal vs. Informal Contracts </li></ul><ul><li>Express vs. Implied-in-Fact Contracts </li></ul>
  11. 11. Bilateral vs. Unilateral Contracts <ul><li>Bilateral Contracts can be defined as a promise for a promise. The contract comes into existence the moment promises are exchanged. </li></ul><ul><li>Unilateral Contracts can be defined as a promise for an act. The contract comes into formation not the moment when promises are exchanged, but when the contract is performed. </li></ul>
  12. 12. Formal vs. Informal Contracts <ul><li>Formal Contracts can be describes as contracts that require a special form or method of creation in order to be enforceable. </li></ul><ul><li>Informal Contracts , also called Simple Contracts, can be defined as contracts where no special form is required except contracts that must be in writing. </li></ul>
  13. 13. Express vs. Implied-in-Fact Contracts <ul><li>Express Contracts can be defined as when the terms of the agreement are fully and explicitly stated in words, oral or written. </li></ul><ul><li>Implied-in-Fact Contracts were formed if the following conditions exist: </li></ul><ul><ul><li>The plaintiff furnished some service or property </li></ul></ul><ul><ul><li>The plaintiff expected to be paid for the service or property </li></ul></ul><ul><ul><li>The defendant had a choice to reject the services or property and did not </li></ul></ul>
  14. 14. Executed Contracts <ul><li>Executed contracts can be defined as a contract that has been fully performed on both sides. </li></ul>
  15. 15. Executory Contracts <ul><li>Executory Contracts can be defined as a contract that has not been fully performed by both parties. </li></ul>

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