B ELL R INGER WHAT DO YOU THINK MAKES A CONTRACT DIFFERENT FROM AN AGREEMENT?

L EONARD V. P EPSI

B USINESS L AW CONTRACT LAW BUSINESS AND PERSONAL LAW Mr. Khatcheressian 12/03/2013

O BJECTIVES Students will define contract in regards to the legal system Elements of Contract How Contracts come to an end.

A GENDA Bell Ringer Objectives Key Terms / Chapter Survey 6 Elements of a Contract Characteristics of a Contract Case Study (pair up) Closure

FILL IN THE BLANK WHEN I ACCESS A MUSIC DOWNLOAD SERVICE ON THE INTERNET, I HAVE TO READ A DOCUMENT CALLED A ______________AND CHECK A BOX THAT SAYS THAT I ________________THE TERMS OF THE AGREEMENT.

FILL IN THE BLANK WHEN I ACCESS A MUSIC DOWNLOAD SERVICE ON THE INTERNET, I HAVE TO READ A DOCUMENT CALLED A CONTRACT AND CHECK A BOX THAT SAYS THAT I ACCEPT THE TERMS OF THE AGREEMENT.

KEY TERMS CONTRACT OFFER ACCEPTANCE GENUINE AGREEMENT EXPRESS CONTRACT IMPLIED CONTRACT BILATERIAL CONTRACT UNILATERIAL CONTRACT

S IX ELEMENTS OF A CONTRACT An agreement is not a contract unless it contains the six elements of a contract: Consideration Capacity Legality Offer Acceptance Genuine Agreement

CONSIDERATION THE THING OF VALUE PROMISED TO ONE PARTY IN A CONTRACT IN EXCHANGE FOR SOMETHING ELSE OF VALUE PROMISED BY THE OTHER PARTY.

CAPACITY THE LAW PERSUMES THAT ANYONE ENTERING A CONTRACT HAS THE LEGAL CAPACITY TO DO SO. Example-Getting Married MINORS ARE GENERALLY EXCUSED FROM CONTRACTUALY RESPONSIBILITY AS WELL AS MENTALLY IMPAIRED PEOPLE AND INDIVIDUALS UNDER THE INFLUENCE.

LEGALITY PARTIES ARE NOT ALLOWED TO ENFORCE CONTRACTS THAT INVOLVE ILLEGAL ACTS. SOME ILLEGAL CONTRACTS INVOLVE AGREEMENTS TO COMMIT A CRIME OR A TORT (A private wrong committed by one person against another)..

OFFER A proposal by one party to another intended to create a legally binding agreement EXAMPLE- A CAR DEALER OFFERS YOU A PRICE ON A CAR.

R ANDOM F ACT OF THE D AY Chuck Norris counted to infinity twice.

ACCEPTANCE The second party's unqualified willingness to go along with the first party's proposal

G ENUINE A GREEMENT An agreement that is true and genuine: a valid offer is met by a valid acceptance

BILATERAL CONTRACT A bilateral contract is an agreement in which each of the parties to the contract makes a promise or set of promises to the other party or parties.bilateral contract promise For example, in a contract for the sale of a home, the buyer promises to pay the seller $200,000 in exchange for the seller's promise to deliver title to the property.

UNILATERAL CONTRACT In a unilateral contract, only one party to the contract makes a promise. A typical example is the reward contract: A promises to pay a reward to B if B finds A's dog. B is not under an obligation to find A's dog, but A is under an obligation to pay the reward to B if B does find the dog.

CHARACTERISTICS OF A CONTRACT EXPRESS- oral or written IMPLIED- no single word is exchanged (comes from the actions of the parties involved). Example-paying cash in advance to pump gas.

O N Y OUR O WN AND IN YOUR OWN WORDS -B E P REPARED TO TURN I N AND SHARE. Find a related contract law case via the internet and break it down as follows: FACTS - Who are the parties to the lawsuit, what is their dispute ISSUE -What is the basic legal question regarding what specific provision of law that is to be decided in the case? HOLDING - What is the majoritys basic answer to the basic legal question in the case RULE - What rule of law is announced in the case?

E XIT T ICKET Today we learned that a contract is an agreement forcible by law. Anything that is illegal, cannot constitute a legally binding contract such as a contract to sell drugs, steal, or commit murder. For your exit ticket, please make a list of 5 things that you think require written contracts. Number one has been given to you as an example. 1. sales contract for the buying or selling of a good or service