 A contract is an agreement between two or more persons to exchange something of value  What does it do?  It legally binds parties to do what they.

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Presentation transcript:

 A contract is an agreement between two or more persons to exchange something of value  What does it do?  It legally binds parties to do what they promise.  If someone fails to live up to the promise it is called breach of contract.

 Must be an offer by one party and an acceptance by another.  Exchange of consideration-something of value is given for something else of value. Do not have to be of same value.  Those entering into a contract must be legally competent.

 Minors can make contracts but cannot be forced to honor them. Can back out.  Therefore, minors have a hard time getting credit.  If credit is offered, it requires a cosigner(adult). If contract continues to age of majority, it is considered ratified(formally a contract)

 When you place an order for food in a restaurant-oral contract  The law favors written contracts  Certain contracts must be written Real estate, land Agreements to pay another person’s debt Agreements for services that will not be performed within one year.

 A law is violated as part of the contract.  Unconscionable contract-unfair, harsh or oppressive enough that it should not be enforced Consumer is presented with a take it or leave it choice There is uneven bargaining power

 A false statement about an important fact that is made to induce or persuade a person to agree to a contract  Salespersons may not lie about a product they are not required to reveal negative aspects unless they are asked.

 In Civil Court: Expectation Damages-difference between the full value of what you were promised and what you received. Rescission and Restitution-ask the court to cancel or rescind the contract and order the person to refund you any money owed to you. Specific Performance-Buyer asks the court to have the seller to carry out the terms of the contract

 Mitigate means to make less severe  Law requires the injured person to take reasonable steps to mitigate damages.  Agree to buy some good for $150, find out it has been sold for $100 by other buyers. You refuse to pay. The seller must mitigate to $100 since he could ask that and sell it to another for that price.