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

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Presentation on theme: "B ELL R INGER WHAT DO YOU THINK MAKES A CONTRACT DIFFERENT FROM AN AGREEMENT?"— Presentation transcript:

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

2 L EONARD V. P EPSI http://www.youtube.com/watch?v=ZdackF2H7Qc

3 B USINESS L AW CONTRACT LAW BUSINESS AND PERSONAL LAW Mr. Khatcheressian 12/03/2013 http://www.youtube.com/watch?v=VnChrJuX7xg

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

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

6 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.

7 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.

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

9 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

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

11 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.

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13 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)..

14 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.

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

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

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

18 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.

19 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.

20 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.

21 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?

22 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


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