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The document provides an overview of basic contract law concepts, including definitions of key terms, the elements required for a valid contract, and remedies for breach of contract. It discusses why Lehigh enters into contracts, the sources of contract law, and challenges to consider when drafting and negotiating agreements. The document cautions that contracts should be reviewed carefully and signed only by authorized individuals to avoid potential legal issues.

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Legal Updates: Contract Basics February 25, 2005
The Basics ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Challenges, Problems, & Pitfalls ,[object Object],[object Object],[object Object]
Contract : ,[object Object],[object Object]
In other words … ,[object Object],[object Object]
Question # 1: Why does Lehigh enter into contracts?
Why does Lehigh enter into Contracts? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
What are the Sources of Contract Law ? ,[object Object],[object Object]
Contract law asks and answers the following questions: ,[object Object],[object Object],[object Object],[object Object],[object Object]
What form must a contract take to be a legally enforceable?
Question #2 ,[object Object]
A Contract Can Be Written or Oral ,[object Object],[object Object],[object Object],[object Object],[object Object]
Written and Oral Contract Terms ,[object Object],[object Object]
Written and Oral Contract Terms (cont.) ,[object Object],[object Object]
Written and Oral Contract Terms (cont.) ,[object Object],[object Object]
Question #3 ,[object Object]
Contracts can have many names… ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Or no name at all… ,[object Object],[object Object],[object Object]
What are the Elements of a Contract? ,[object Object],[object Object],[object Object],[object Object]
Offer : ,[object Object],[object Object]
Acceptance : ,[object Object],[object Object],[object Object]
Acceptance : ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Acceptance : ,[object Object],[object Object],[object Object],[object Object]
Consideration : ,[object Object],[object Object],[object Object],[object Object]
Consideration : ,[object Object]
Consideration : ,[object Object],[object Object],[object Object],[object Object],[object Object]
Mutuality : ,[object Object],[object Object],[object Object]
Question #4 ,[object Object]
Additional Contract Elements: ,[object Object],[object Object],[object Object]
Information that you should include in University contracts… ,[object Object],[object Object],[object Object],[object Object],[object Object]
Contract Clauses to Include (cont.) ,[object Object],[object Object],[object Object]
Contract Clauses to Include (cont.) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object]
Potential Contract Pitfalls ,[object Object],[object Object]
Potential Contract Pitfalls ,[object Object],[object Object],[object Object]
Potential Contract Pitfalls (cont.) ,[object Object],[object Object]
Potential Contract Pitfalls (cont.) ,[object Object],[object Object],[object Object],[object Object]
What is “boilerplate” in a contract? Is it different from “legalese”? Questions #5 and #6:
Is it necessary to read and negotiate “boilerplate” or “legalese”? ,[object Object]
Potential Contract Pitfalls (cont.) ,[object Object],[object Object],[object Object]
Potential Contract Pitfalls (cont.) ,[object Object],[object Object],[object Object],[object Object]
Potential Contract Pitfalls (cont.) ,[object Object],[object Object],[object Object]
What if a contract is breached?
Remedies for Breach of a Contract ,[object Object],[object Object],[object Object],[object Object]
Question #7 ,[object Object]
Remedies ,[object Object],[object Object],[object Object]
Remedies ,[object Object],[object Object],[object Object],[object Object]
Things to Remember… ,[object Object],[object Object],[object Object]
Question #8 ,[object Object],[object Object],[object Object]
Question #9 ,[object Object]
Who May Sign A Contract? ,[object Object],[object Object]
Questions #10 and #11: ,[object Object],[object Object]
Battle of the Forms ,[object Object],[object Object],[object Object],[object Object]
This is where the Battle Begins… ,[object Object],[object Object],[object Object]
…continues ,[object Object],[object Object],[object Object]
…and ends ,[object Object],[object Object],[object Object]
A note about the “plain language” movement in contracts … ,[object Object]

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Legal Updates Contract Basics

  • 1. Legal Updates: Contract Basics February 25, 2005
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  • 6. Question # 1: Why does Lehigh enter into contracts?
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  • 10. What form must a contract take to be a legally enforceable?
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  • 38. What is “boilerplate” in a contract? Is it different from “legalese”? Questions #5 and #6:
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  • 43. What if a contract is breached?
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