How Contract AriseHow Contract Arise

Chapter 5Chapter 5

Contractual ChaosContractual Chaos

Cast Cast Mr. BenesMr. Benes ViktorViktor AlenaAlena EmilEmil

ContractsContracts

Section 5.1Section 5.1

What You’ll LearnWhat You’ll Learn

Explain the elements of legal contractsExplain the elements of legal contracts How to identify valid, void, voidable How to identify valid, void, voidable

and unenforceable contractsand unenforceable contracts How to distinguish between express How to distinguish between express

and implied contractsand implied contracts How to identify unilateral and bilateral How to identify unilateral and bilateral

contractscontracts How to distinguish between oral and How to distinguish between oral and

written contractswritten contracts

Legal TermsLegal Terms

ContractContract Offer/acceptanceOffer/acceptance Genuine Genuine

agreementagreement CapacityCapacity ConsiderationConsideration legalitylegality

Void/voidable Void/voidable contractcontract

Unenforceable Unenforceable contractcontract

Express/implied Express/implied contractcontract

Bilateral/unilateral Bilateral/unilateral contractcontract

Understanding Contract Law Understanding Contract Law

The Nature of a ContractThe Nature of a Contract

Theories of Contract LawTheories of Contract Law

Elements of a ContractElements of a Contract

OfferOffer AcceptanceAcceptance Genuine AgreementGenuine Agreement ConsiderationConsideration CapacityCapacity LegalityLegality

Characteristics of a ContractCharacteristics of a Contract

Valid, void, voidable or Valid, void, voidable or unenforceableunenforceable

Expressed or impliedExpressed or implied Bilateral or unilateralBilateral or unilateral Oral or written Oral or written

Section 5.1 AssessmentSection 5.1 Assessment

Reviewing what you learnedReviewing what you learned

Critically Thinking ActivityCritically Thinking Activity

Legal Skills in ActionLegal Skills in Action Elements of a ContractElements of a Contract

Offer and AcceptanceOffer and Acceptance

Section 5.2Section 5.2

What You’ll LearnWhat You’ll Learn

How to recognize the requirement of an How to recognize the requirement of an offeroffer

How to distinguish between an offer and How to distinguish between an offer and an invitation to negotiatean invitation to negotiate

How to recognize the requirements of an How to recognize the requirements of an acceptanceacceptance

How to distinguish between an acceptance How to distinguish between an acceptance and a counter offerand a counter offer

How to recognize when an offer has How to recognize when an offer has terminated.terminated.

Legal TermsLegal Terms

Invitations to negotiateInvitations to negotiate Mirror image ruleMirror image rule CounterofferCounteroffer RevocationRevocation RejectionRejection

Requirements of an OfferRequirements of an Offer

Basic requirementsBasic requirements Made seriouslyMade seriously Definite and certainDefinite and certain Communicated to the offereeCommunicated to the offeree

Serious IntentSerious Intent

Definiteness and CertaintyDefiniteness and Certainty

Communication to OffereeCommunication to Offeree

Requirement of AcceptanceRequirement of Acceptance

Requirements must be metRequirements must be met The acceptance must be unconditionalThe acceptance must be unconditional Must follow the rules regarding the Must follow the rules regarding the

method of acceptancemethod of acceptance

Unconditional AcceptanceUnconditional Acceptance

Method of AcceptanceMethod of Acceptance

Termination of an OfferTermination of an Offer

RevocationRevocation RejectionRejection CounterofferCounteroffer Expiration of TimeExpiration of Time Death or InsanityDeath or Insanity

Section 5.2 AssessmentSection 5.2 Assessment

Reviewing what you learnedReviewing what you learned

Critical Thinking ActivityCritical Thinking Activity

Legal Skill in ActionLegal Skill in Action