Creation of Offers Copyright © Texas Education Agency, 2013. All rights reserved.

Slides:

Advertisements

Similar presentations

Contracts and Contract Law

Advertisements

Creation of Offers Copyright © Texas Education Agency, All rights reserved.

E- CONTRACTING MIDTERM(2). Definition E- Contract- a contract that is entered into in cyberspace and is evidenced only by electronic impulses (such as.

Business Law Chapter 2: Offers. Introduction to Offers How definite must an offer be? What does the law require for a valid offer?

Business Law: Ch 6 Offer and Acceptance.

Business Law: Ch 6 Offer and Acceptance.

Contract Presentation.. Offer and Acceptance Questions: 1.What are the requirements of an offer? 2.How are acceptances Created? 3.What are the elements.

Bus Law..Spr 2015 POWERPOINT #2. BUSINESS LAW: Friday, February 13, 2015  EQ: Understand contract law.  Understand elements and characteristics of a.

LAW for Business and Personal Use © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible.

CONTRACT Law Offer & Acceptance Genuineness of Assent Consideration

Chapter 6: Contract Law Law in Society

Contracts. A contract… is any agreement enforceable by law.

Offer and Acceptance Creating an offer Key Words Contract- An agreement between two or more parties that creates obligations. Offeror- The person who.

Copyright © 2004 by Prentice-Hall. All rights reserved. PowerPoint Slides to Accompany BUSINESS LAW E-Commerce and Digital Law International Law and Ethics.

Legal Aspects of Public Procurement Portland State University ISQA 440, Governmental Procurement.

Contract Law Chapter 6.

Offer and Acceptance Chapter 7.

Chapter 7 – Offer and Acceptance

Ag Business. A social agreement between 2 or more parties which sometimes may not be legal A legally binding agreement that is enforceable by law. Definition:

Chapter 7.  An agreement that courts will enforce.  What do you think are some examples of contracts?  What do you think are some examples of agreements.

Offer and Acceptance Section 6-1.

ENTERING INTO CONTRACTS

Offer and Acceptance Chapter 6. Because of its limited resources the court system is very selective in what it will enforce. Criminal laws and laws allowing.

LAW for Business and Personal Use © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible.

Chapter 6 Offer and Acceptance.

CONTRACTS. CHAPTER 4: What is a Contract? Contract is any agreement enforceable by law. Not all agreements are contracts Agreeing to take out the trash.

Law of Contracts. WHAT MUST BE IN A CONTRACT? Offer and acceptance Genuine assent Legality Consideration Capacity Writing.

Section 4.1 Agreements and Contracts. Section 4.1 Agreements and Contracts.

Contracts. Formation of a Contract Mutual Assent (offer and acceptance) Consideration Capacity Legality.

How Contracts Arise Chapter #5.

Business Law Chapter 7 Review Game. Creation of Offers Termination of Offers Acceptance Final Jeopardy Jeopardy.

Law for Business and Personal Use © Thomson South-Western CHAPTER 6 Offer and Acceptance 6-1 Creation of Offers 6-2 Termination of Offers 6-3 Acceptances.

Chapter 10 Offer and Acceptance. What is a Contract? n Contract - an agreement that is enforceable by law n Offeror - the person who makes an offer n.

McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 8 Introduction to Contracts and Agreement.

Law for Business and Personal Use © Thomson South-Western CHAPTER 6 Offer and Acceptance 6-1 Creation of Offers 6-2 Termination of Offers 6-3 Acceptances.

What are the elements of a contract? There are 6 major requirements that must be satisfied before courts will treat a transaction as a legally enforceable.

1 TOURISM AND HOSPITALITY LAW WEEK 4 LAW OF OBLIGATIONS.

CONTRACT LAW LAW II CONTRACT LAW. INTRODUCTION CONTRACT: An agreement between two or more parties that creates obligations enforceable by law. A contract.

PA Kaplan University1 Unit 6: CONTRACTS. PA Kaplan University2 Overview of Contract Law Sources of Contract Law. – Common Law for all contracts.

LAW for Business and Personal Use © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible.

Offer and Acceptance Chapter 6 – Contract Law. Contract – an agreement between two or more parties that creates obligation.

FORMING A CONTRACT Just sign on the dotted line. What is a Contract? A contract is an agreement between two parties that creates an obligation to perform.

© 2011 South-Western | Cengage Learning GOALS LESSON 2.1 CONTRACT LAW BASICS Name the six essential elements of a legally enforceable contract Identify.

Offer and acceptances Elements of a contract? Requirements of an offer? How do you keep an offer open? How are acceptances created? How to prevent legal.

Indian Contract Act 1872 An act meant to ensure that rights agreed between parties in a contract are legally enforced.

C ONTRACT L AW Read the Planning a Career on pg. 111 With a partner brainstorm 5 other careers/jobs that utilize contracts Create a list and discuss examples.

Chapter 6 Offer and Acceptance (6.1 Creation of Offers; 6.2 Termination of Offers, 6.3 Acceptances) Unit 2 Contract Law.

9 - 1 Contracts Contracts Introduction Contracts are the basis of many daily activities. They provide the means for individuals and businesses.

T ODAY ’ S O BJECTIVES  Identify the six elements of a contract.  Explain the effects of a contract on a minor.  Identify types of contracts.  Analyze.

CREATION OF OFFERS Chapter 6-1. Contract Generally defined as agreements between two or more parties that create obligations.

CHAPTER 6 OFFER AND ACCEPTANCE. 6-1 Creation of Offers What Must Be in a Contract? Contracts – An agreement between two or more parties that create obligations.

Creation of Offers Copyright © Texas Education Agency, All rights reserved.

Contract Law Forming a contract (The Elements) Validity Contract Types.

Contracts Offer and Acceptance Business Law Modified: Jan 2013.

Offer and Acceptance Chapter 6.

Lesson 4.2 Agreements and Record Keeping

Contracts Business Law.

Contracts Think before you sign ….

Law of Contracts.

INTRODUCTION TO CONTRACT LAW

Chapter 9 Nature of Traditional and E-Contracts

Chapter 6 Offer and Acceptance

Business Law Rustemeyer

Offers and Acceptance.

Lesson 7-1 Quiz Review.

Chapter 6 Offer and Acceptance

Chapter 6 Offer and Acceptance

Contracts and Contract Law

NATURE OF TRADITIONAL AND

Chapter 9 Nature of Traditional and E-Contracts

Presentation transcript:

Creation of Offers Copyright © Texas Education Agency, All rights reserved.

Offer and Acceptance  Offerer –person who makes the offer  Offeree –person to whom the offer is made Copyright © Texas Education Agency, All rights reserved. 2

Genuine Assent  The agreement MUST NOT be based on – one party’s deceiving another –an important mistake –The use of unfair pressure exerted to obtain the offer or acceptance Copyright © Texas Education Agency, All rights reserved. 3

Legality  Agreement cannot involve a crime.  Agreement cannot involve a tort. Copyright © Texas Education Agency, All rights reserved. 4

Consideration  Both sides receiving what the law considers value in some form as a result of the transaction Copyright © Texas Education Agency, All rights reserved. 5

Capacity  Parties must have the legal ability to contract for themselves.  Parties without capacity: –Not legal age to enter the agreement –Under the influence when signing the contract –Lack the mental capability to enter the contract Copyright © Texas Education Agency, All rights reserved. 6

Writing  Contracts should be in writing to be enforced by the court of law. Copyright © Texas Education Agency, All rights reserved. 7

Requirements of an Offer  Must have Contractual Intent –Jests: The law is not concerned with what is actually in the mind of a persona making what might b considered an offer. Jokes can be upheld as offers. –Statements made in anger or terror are not legally enforceable. Copyright © Texas Education Agency, All rights reserved. 8

Requirements of an Offer  Preliminary Negotiations –Communication to induce someone to initiate bargaining –Not seen by the law as an intent to contract  Social Agreements are Not Enforceable –Date to the movies –Dinner date Copyright © Texas Education Agency, All rights reserved. 9

Other Requirements of an Offer  Offer Must Be Communicated to the Offeree  Essential Terms Must Be Definite  Essential Terms Must Be Complete –Proper legal description of the real estate –Price –Full terms for payment –Date for delivery of possession –Date for delivery of the deed Copyright © Texas Education Agency, All rights reserved. 10