Week 5Chapter 7

AttendenceWHO DARES TO MISS MY WONDERFUL SPEECH?!?

Q of the day, What's your favorite Holiday?

Changing ClassesNo more than 40 students in a class.

All of them are at 39-40 except the last 2 on Friday.

This means no more changing for holidays or I can get in trouble.

Sorry!

HomeworkKey Words (4 points)

Take-Home Quiz for Chapter 3 (on Blackboard [Week 5] and my Blogs) (4 points)

NEW WEEKLY ASSIGNMENT (Brian agrees) (3 points - each) Each week two different groups will take responsibility for

writing down notes on what Brian says in class. Each individual in the group will take notes. I will combine the notes and email them to you.

ContractWhat is a Contract?

An Agreement enforceable by a court.

A contract can be written or spoken (Express), maybe even implied (no one said anything).

People Involved: Offeror/Seller

Offeree (Acceptor)/Buyer

What is required for a Contract?Agreement!

The two people have to agree, not force allowed. This requires: Offer + Acceptance + Mutual Assent

(both agree)

Consideration Both parties have to give something up.There needs

to be a loss on both sides, otherwise it is unequal.

Capacity For example, not a baby or really, really drunk.

Legality You cannot agree to sell Drugs or A Car You Don't

Own.

AgreementOffer = Parties + Product/Service + $$ + Time of Completion

How to make an offer (very important!) The offeror (seller) has to INTEND now to sell the item.

Acceptance The Offeree (Buyer) has to INTEND now to buy the item

***THE OFFER = ACCEPTANCE

RejectionWhat if I say no? - The contract never happens

What if I change the offer? - I'll give you 15RMB instead of 20RMB. Is there a Contract?

Counteroffer & RevocationIf the Offeror Changes it before there is an agreement, then there is a new offer.

= REVOCATION

If the Offeree changes it, then the become the offeror.

= COUNTEROFFER

Unilateral ContractInstead of asking for a good, I ask for a service or that you do something.

"Cut my hair and I'll give you 50 dollars).

All you have to do is cut my hair, even without words, to get the money.

Bilateral ContractYou agree to give me something in exchange for something.

We Both agree.

Quasi-ContractThere is no spoken agreement.

BUT! one person does something repeatedly and is not told to stop. It is reasonable that they expected to be paid.

ProblemsFAIRNESS!

Sample ContractOkay,

Teams of 2 & 4 Pair off into groups of 2

Teams of 3 & 5 Pair off into groups of 2 & 3

Review Quiz Questions