CHAPTER 10 Introduction to Contracts

Slides:



Advertisements
Similar presentations
The Essentials of Contract Law
Advertisements

Introduction to Contracts. JOIN KHALID AZIZ ECONOMICS OF ICMAP, ICAP, MA-ECONOMICS, B.COM. FINANCIAL ACCOUNTING OF ICMAP STAGE 1,3,4 ICAP MODULE B, B.COM,
Click your mouse anywhere on the screen to advance the text in each slide. After the starburst appears, click a blue triangle to move to the next slide.
Click your mouse anywhere on the screen to advance the text in each slide. After the starburst appears, click a blue triangle to move to the next slide.
1 Click your mouse anywhere on the screen to advance the text in each slide. After the starburst appears, click a blue triangle to move to the next slide.
Click your mouse anywhere on the screen to advance the text in each slide. After the starburst appears, click a blue triangle to move to the next slide.
Click your mouse anywhere on the screen to advance the text in each slide. After the starburst appears, click a blue triangle to move to the next slide.
© 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license.
Chapter 11 Formation of Traditional And Online Contracts
Copyright © 2009 by Pearson Prentice-Hall. All rights reserved. PowerPoint Slides to Accompany CONTEMPORARY BUSINESS AND ONLINE COMMERCE LAW 6 th Edition.
Click your mouse anywhere on the screen to advance the text in each slide. After the starburst appears, click a blue triangle to move to the next slide.
Chapter 9 Nature of Traditional and Online Contracts
Copyright © 2004 by Prentice-Hall. All rights reserved. PowerPoint Slides to Accompany BUSINESS LAW E-Commerce and Digital Law International Law and Ethics.
Chapter 6 Contracts: Nature, Classification, Agreement and Consideration.
P A R T P A R T Contracts Introduction to Contracts The Agreement: Offer The Agreement: Acceptance Consideration Reality of Consent 3 McGraw-Hill/Irwin.
© 2004 West Legal Studies in Business A Division of Thomson Learning 1 Chapter 9 Contracts: Nature and Terminology Chapter 9 Contracts: Nature and Terminology.
Business Law Chapter 1: An Introduction to Contracts.
Business Law II Professor Pamela Gershuny Fall 2011.
Contracts Definition A promise that the law will enforce.
Contracts: Concepts, Terms, and the Agreement
2 CONTRACTS Introduction Agreement Consideration Remedies All with a splattering of legality, capacity, consent, legal requirements, & performance.
A General Introduction to Contract. Definition of a contract A contract is an agreement between competent parties based on the genuine assent of the parties,
© 2008 West Legal Studies in Business A Division of Thomson Learning 1 BUSINESS LAW TODAY Essentials 8 th Ed. Roger LeRoy Miller - Institute for University.
Week 1  Sources of Contract Law  Common Law  Uniform Commercial Code.
What is a contract? What is the objective theory of contracts? What is a contract? What is the objective theory of contracts? What are the four basic.
Section 4.1 Agreements and Contracts Section 4.1 Agreements and Contracts A contract is any agreement enforceable by law.
© 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license.
The Purpose of a Contract ◙ Contracts exist to make business matters more predictable. ◙ Judicial Activism vs. Judicial Restraint Judicial restraint makes.
Chapter 1: Legal Ethics 1. © 2013 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use.
Introduction to Contracts. “The whole duty of government is to prevent crime and to preserve contracts.” Lord Melbourne, British Prime Minister.
Introduction to Contracts Chapter 8. Definition of Contract A contract is a promise or a set of promises for the breach of which the law gives a remedy.
Introduction to Contracts The Agreement: Offer The Agreement: Acceptance Consideration Reality of Consent © 2010 The McGraw-Hill Companies, Inc. All rights.
Contract Law: A Beginning CHAPTER SIX. 6 | 2 Copyright © Houghton Mifflin Company. All rights reserved. What a Contract Is A contract is a legally enforceable.
© 2010 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license.
© 2007 West Legal Studies in Business, A Division of Thomson Learning Chapter 7 Contracts: Nature and Classification.
COPYRIGHT © 2011 South-Western/Cengage Learning. 1 Click your mouse anywhere on the screen to advance the text in each slide. After the starburst appears,
CONTRACTS Chapter 9 Introduction to Contracts. CONTRACTS A AGREEMENT between two or more persons the PERFORMANCE of which the law considers to be an OBLIGATION.
By Richard A. Mann & Barry S. Roberts
1 Click your mouse anywhere on the screen to advance the text in each slide. After the starburst appears, click a blue triangle to move to the next slide.
Chapter 10 Contracts: Nature and Terminology BUSINESS LAW: Text & Cases — Legal, Ethical, International, and E-Commerce Environment11 th Ed. BUSINESS LAW:
Chapter 9 Formation of Traditional And E-Contracts.
CHAPTER 9 INTRODUCTION TO CONTRACT LAW AND CONTRACT THEORY DAVIDSON, KNOWLES & FORSYTHE Business Law: Cases and Principles in the Legal Environment (8.
Chapter 13 Introduction to Contracts McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.
1 Click your mouse anywhere on the screen to advance the text in each slide. After the starburst appears, click a blue triangle to move to the next slide.
© 2013 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license.
© 2015 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license.
9 - 1 Contracts Contracts Introduction Contracts are the basis of many daily activities. They provide the means for individuals and businesses.
Introduction to Contracts Lakeshore Technical College by Richard Opie.
Copyright © 2010 South-Western Legal Studies in Business, a part of South-Western Cengage Learning. and the Legal Environment, 10 th edition by Richard.
Click your mouse anywhere on the screen when you are ready to advance the text within each slide. After the starburst appears behind the blue triangles,
Contract Law for Paralegals: Traditional and E-Contracts © 2009 Pearson Education, Upper Saddle River, NJ All rights reserved Nature of Traditional.
CHAPTER 11 Agreement Click your mouse anywhere on the screen to advance the text in each slide. After the starburst appears, click a blue triangle.
Part 3 Contracts Ch. 9 Introduction to Contracts
CHAPTER 33 Life and Death of a Partnership
Legal Contact Act Business Law
CHAPTER 12 Consideration
CONTRACTS Sources of Contract Law Contract law is common law.
CONTRACT 1872 Applies to whole of India except J & K.
CHAPTER 21 Warranties and Product Liability
Chapter 9 Nature of Traditional and E-Contracts
CHAPTER 14 Capacity and Consent
Chapter 10 Contracts: Nature and Terminology
Essentials of the legal environment today, 5e
The Nature of a Contract
Chapter 11: Nature and Terminology
Chapter 10 Contracts: Nature and Terminology
NATURE OF TRADITIONAL AND
Chapter 9 Nature of Traditional and E-Contracts
Presentation transcript:

CHAPTER 10 Introduction to Contracts Click your mouse anywhere on the screen to advance the text in each slide. After the starburst appears, click a blue triangle to move to the next slide or previous slide.

Quote of the Day “The whole duty of government is to prevent crime and to preserve contracts.” Lord Melbourne, British Prime Minister

The Purpose of a Contract Contracts exist to make business matters more predictable. Judicial Activism vs. Judicial Restraint Judicial restraint makes the law less flexible but more predictable. Judicial activism makes the law more flexible but less predictable.

Elements of a Contract Agreement Consideration Legality Capacity One party must make a valid offer, and the other party must accept it Consideration There has to be bargaining that leads to an exchange between the parties. Legality The contract must be for a lawful purpose. Capacity The parties must be adults of sound mind.

Contracts Definition Development of Contract Law A promise that the law will enforce. Development of Contract Law Common law once required all contracts to be in writing, with a seal affixed. Later, some payment was required before a contract could be enforced. Mutual promises became enforceable in the 1600’s. By the 1900’s, courts began to consider the fairness of contracts before enforcing them.

Types of Contracts (or Agreements) DO NOT CLICK! Let slide “build” on its own. Types of Contracts (or Agreements) Bilateral vs. Unilateral Express vs. Implied Executory vs. Executed Valid vs. Unenforceable Voidable Void

Types of Contracts (or Agreements) Bilateral and Unilateral Contracts Bilateral: both parties make a promise (to do something) to each other. Unilateral: one party makes a promise to the other that the other party can accept only by doing something specific.

Types of Contracts (cont’d) Express and Implied Contracts Express: the two parties to the contract explicitly state all of the important terms of their agreement. Implied: the words and conduct of the parties indicate that the parties intended to make an agreement.

Types of Contracts (cont’d) Executory and Executed Contracts Executory: when one or more parties has not fulfilled its obligations under the contract. Executed: when all parties to the contract have fulfilled their obligations under the contract.

Types of Contracts (cont’d) Valid, Unenforceable, Voidable, and Void Agreements Valid: satisfies the law’s requirements. Unenforceable: when the parties intend to form a valid bargain but some rule of law prevents enforcement. Voidable: when the law permits one party to terminate the agreement. Void: one that neither party can enforce, usually because the purpose is illegal or one of the parties had no legal authority.

Promissory Estoppel Even when there is no contract, a plaintiff may use promissory estoppel to enforce the defendant’s promise if he can show that: The defendant made a promise knowing that the plaintiff would likely rely on it. The plaintiff did rely on the promise; and The only way to avoid injustice is to enforce the promise.

Quasi-contract Even when there is no contract, a court may use quasi-contract to compensate a plaintiff who can show that: He gave some benefit to the defendant. He reasonably expected to be paid for the benefit and the defendant knew this; and The defendant would be unjustly enriched if she did not pay. The damages awarded are called quantum meruit, meaning that the plaintiff gets “as much as he deserved.”

Sources of Contract Law Common Law Uniform Commercial Code UCC Article 2 governs the sale of goods. “Goods” means anything moveable, except for money, securities, and certain legal rights. In a mixed contract, Article 2 governs only if the primary purpose was the sale of goods. Restatement (Second) of Contracts

“If you understand the contract issues that courts scrutinize, the agreement you draft is likelier to be enforced. You thus achieve greater control over your affairs -- the very purpose of a contract.”

Link to the Internet Click above to return to the slide show. Clicking on the orange button below will link you to the website for this book. (You must first have an active link to the internet on this computer.) Once there, click: Online Study Guide, then Your choice of a chapter, then Practice, then Internet Applications You should then see web links related to that chapter. Click here!