Mat 601 - power point presentation

Uploaded on


More in: Education , Business
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Be the first to comment
    Be the first to like this
No Downloads


Total Views
On Slideshare
From Embeds
Number of Embeds



Embeds 0

No embeds

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

    No notes for slide


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