Offer and acceptances Elements of a contract? Requirements of an offer? How do you keep an offer open? How are acceptances created? How to prevent legal conflict when entering a contract?

How are acceptances created Comes from the person or persons to whom the offer was made Must match the terms in the offer Must be communicated to the offeror

Elements of a contract An Offer An Acceptance in strict compliance with the terms of the offer Legal Purpose/Objective Mutuality of Obligation – also known as the “meeting of the minds” Consideration Competent Parties

Requirements of an offer Intent to contract Definite terms Communication to the offeree

How do you keep an offer open An offer, though coupled with a promise to hold it open for acceptance for a specified time, may nevertheless be revoked or withdrawn before the time has expired, provided it is not under seal and there is no consideration

Genuine agreement What is genuine agreement and rescission What is undue influence What is unilateral mistake What is mutual mistake What is misrepresentations What is fraud What is the remedy for fraud

Fraud Is based on misrepresentation Is A deception deliberately practiced in order to secure unfair or unlawful gain

Genuine Agreement and Rescission

Undue Influence Takes place when one person is taking advantage of a persons position of power over another person.

Unilateral Mistakes An error on the part of one person to a contract. A person cannot get out of a contract because they made a mistake.

Mutual Mistakes Also called a bilateral mistake Is when both parties an incorrect belief about an important fact of the law.

Misrepresentations Is a type of lying or falsehood in which a person says or does something that would lead another person to believe something that is not true. This act could be both intentional or not intentional

Remedy’s for Fraud Voiding the contract, only with substantial evidence to establish fraud.