Legal Documents andFiling Systems<br />
Contracts & Agreements<br />A contract is a legally enforceable agreement between two or more parties to do or not to do s...
mortgages
rental agreements</li></li></ul><li>Express agreements can be oral or written; what makes them express is that the terms h...
	Be sure you read everything contained in an agreement before you sign it.<br />
Implied agreement – unwritten agreement<br />Example:  When you drive your car you agree to obey traffic laws, drive in a ...
Elements of Enforceable Contract<br />Contractual Capacity<br />Agreement<br />Legality<br />Legal Form<br />Consideration...
Agreement<br />	A contract has mutual assent<br /> 	when an offer is made and accepted.<br />	If a person makes an offer a...
Consideration<br />	Consideration is anything of value exchanged as part of a contract.  It may be an object of value, mon...
Contractual Capacity<br />	A person must be competent to enter into a contract.<br />	A person cannot be a minor (under 18...
Legality<br />	To be enforceable, contract must be lawful.  Without a lawful object, the agreement has no binding effect o...
Genuine Assent<br />	A person cannot use misrepresentation, a mistake, duress, or undue influence to force another to ente...
Misrepresentation is called fraud and contains:<br />misrepresentation of a material fact with<br />the intention to decei...
Duress is the use of force or fear to make a person enter into a contract.<br />Undue influence arises from special relati...
Negotiable Instruments<br />Negotiable Instruments – an unconditional written promise to pay a specified sum of money upon...
Negotiable instrument is legally collectible if the following conditions are met:<br />It must be in writing (not oral) an...
Filing System for Personal Records<br />Filing system includes folders and labels and a file cabinet.<br />Have folders fo...
Others:  <br />Subscriptions, Warranties, <br />????<br />Utilities<br />Travel<br />Taxes<br />Medical<br />Insurance<br ...
Electronic Record Keeping <br />	You may use home computer and spreadsheet software program (Microsoft Excel) to help keep...
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Legal documents and filing systems

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Legal documents and filing systems

  1. 1. Legal Documents andFiling Systems<br />
  2. 2. Contracts & Agreements<br />A contract is a legally enforceable agreement between two or more parties to do or not to do something.<br />Common legal contracts include<br /><ul><li>credit plans
  3. 3. mortgages
  4. 4. rental agreements</li></li></ul><li>Express agreements can be oral or written; what makes them express is that the terms have been agreed upon between the parties in words.<br />
  5. 5. Be sure you read everything contained in an agreement before you sign it.<br />
  6. 6. Implied agreement – unwritten agreement<br />Example: When you drive your car you agree to obey traffic laws, drive in a safe and responsible manner, and observe rights of others.<br />
  7. 7. Elements of Enforceable Contract<br />Contractual Capacity<br />Agreement<br />Legality<br />Legal Form<br />Consideration<br />Genuine Assent<br />
  8. 8. Agreement<br /> A contract has mutual assent<br /> when an offer is made and accepted.<br /> If a person makes an offer and the other person changes it, he has made a counteroffer. The counteroffer is now a new offer and can be accepted or rejected.<br />
  9. 9. Consideration<br /> Consideration is anything of value exchanged as part of a contract. It may be an object of value, money, a promise, or a performed service.<br />
  10. 10. Contractual Capacity<br /> A person must be competent to enter into a contract.<br /> A person cannot be a minor (under 18).<br /> A person cannot have a mental deficiency or illness.<br />
  11. 11. Legality<br /> To be enforceable, contract must be lawful. Without a lawful object, the agreement has no binding effect on a person.<br />
  12. 12. Genuine Assent<br /> A person cannot use misrepresentation, a mistake, duress, or undue influence to force another to enter a contract.<br />
  13. 13. Misrepresentation is called fraud and contains:<br />misrepresentation of a material fact with<br />the intention to deceive;<br />The innocent party has justifiably relied on this misrepresented fact and<br />has been injured (damaged) as a result.<br />
  14. 14. Duress is the use of force or fear to make a person enter into a contract.<br />Undue influence arises from special relationships (such as guardianship) in which one party’s free will is overcome by the other.<br />
  15. 15. Negotiable Instruments<br />Negotiable Instruments – an unconditional written promise to pay a specified sum of money upon demand of the holder. <br /> Example: Checks and promissory notes.<br />
  16. 16. Negotiable instrument is legally collectible if the following conditions are met:<br />It must be in writing (not oral) and signed by the maker.<br />It must contain an unconditional promise to pay a definite amount of money.<br />It must be payable on demand or on a fixed future date.<br />It must be payable to the order of a particular person.<br />It must be delivered to the payee.<br />
  17. 17. Filing System for Personal Records<br />Filing system includes folders and labels and a file cabinet.<br />Have folders for different categories. Name folders with a descriptive word or short phrase that tells you immediately what records it contains. <br />File folders alphabetically.<br />
  18. 18. Others: <br />Subscriptions, Warranties, <br />????<br />Utilities<br />Travel<br />Taxes<br />Medical<br />Insurance<br />Household<br />Entertainment<br />Automobile<br />Automobile<br />
  19. 19. Electronic Record Keeping <br /> You may use home computer and spreadsheet software program (Microsoft Excel) to help keep records.<br /> Spreadsheet software organizes data in columns and rows and can perform calculations using the data.<br /> Database organizes data for easy search and retrieval. (Microsoft Access)<br />
  20. 20. That’s All Folks!<br />

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