Mat 601 - power point presentation

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  • 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.