Contracts Lesson Two.

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Presentation transcript:

Contracts Lesson Two

Learning Objectives Review the essential elements of a valid contract. Understand the legal capacity and lawful objective of contracts. Explain Offer an Acceptance and Consideration concerning contracts.

Essential Elements of a Valid Contract Legally Compentent Parties Law Objective Offer and Acceptance Consideration (cause)

Legally Competent Parties Legal Age Mental Capacity Reality of Consent Fraud Mutual Mistake of Fact Duress Undue Influence

Lawful Objective Contract Must be Legal

Offer and Acceptance Buyer Makes Offer Seller Accepts or Rejects Offer

Consideration Money for Home

Valuable Consideration Money for Property (Tangible) Good Consideration Love and Affection

Donation Inter Vivos While You Are Living