1/8/08 BR- What is a “contract” used for?

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Presentation transcript:

1/8/08 BR- What is a “contract” used for? Today: Legal Contracts Hand In your assignment from yesterday!

Vocabulary Bank C-1 Contract, breach, legally binding, consideration, cosign, unconscionable, fraud

A legally binding contract must have: Offer Acceptance Consideration (something of value exchanged for something else of value)

Contracts that can NEVER be legally binding Contracts made when the person is deemed incompetent (intoxicated or mentally ill for example.) Contracts to perform illegal acts

Contracts With Minors Minors (under 18) may make contracts but they are not always enforced. This is in most cases, an adult must cosign (agree to take legal responsibility for the minor in a contract.)

Examples of Non-Binding Contracts Unconscionable Contracts - the terms are so bad that the courts will not enforce the contract. Contracts based on fraud - some element of the contract contained false statements (this only covers what the person said not what they “didn’t” say)

Assignment: Due NOW! Problem sets - 22.1., 22.2, 22.3 Optional Assignment - 25 Points - Due Tomorrow: Bring in an example of a contract (cell phone, insurance)

Mock Trial Quiz This is a ______ case. What is the main issue of this case (why are we at trial?) What tort has been committed against the plaintiff? Who has been accused of this tort (name or position? List one witness for the plaintiff and one witness for the defense. What is their relationship to the plaintiff. What is the burden of proof in this case? Write anything to convince me you have read this packet.