Contracts
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Transcript of Contracts
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A contract…is any agreement enforceable by law
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Think of an example of…
• a contract you have entered into or will enter into.
• a contract that one or both of your parents have entered into.
• a contract that a business would enter into.
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Elements (parts) of Contracts
OfferAcceptance
Genuine Agreement
Legality
Capacity
Consideration
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Offer and Acceptance
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Offer
Proposal by one party to another to enter into some type of agreement.
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The offer must be:• Serious
• Definite and Certain
• Communicated
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Who is making an offer to sell goods for an additional 50% off?
How could you accept this offer?
Is this a serious offer?
Is this offer “definite and certain?”
How has this offer been “communicated?”
Contracts
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Acceptance
Agreeing to the terms of the offer
Contracts
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Acceptance It must be unconditional - MIRROR IMAGE RULE
Contracts
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Counteroffer
…becomes a new offerContracts
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Seeing it in action…
eBay
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What are the requirements of an offer?
3 basic requirements
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What is the mirror image rule? (having to do with acceptance of an offer)
it must not change the original terms of the offer in any way
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What is the difference between the mirror image rule and a counteroffer?
Mirror image rule does not change the offer in any way.
A counteroffer happens when the terms of
the acceptance change the original offer.
Contracts
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Next up…
Genuine Agreement
a.k.a. “meeting of the minds”