Legal Documents And Filing Systems

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Legal Documents And Filing Systems

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

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