1. Contracts Lesson Two

2. 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.

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

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

5. Lawful Objective
Contract Must be Legal

6. Offer and Acceptance
Buyer Makes Offer
Seller Accepts or Rejects Offer

7. Consideration
Money for Home

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

9. Donation Inter Vivos
While You Are Living