1. Contracts

2. A contract… is any agreement enforceable by law

3. Think of an example of… a contract you have entered into or will enter into. a contract that one or both of your parents have entered into. a contract that a business would enter into.

4. Elements (parts) of Contracts Offer Acceptance Genuine Agreement Legality Capacity Consideration

5. Offer and Acceptance

6. Offer Proposal by one party to another to enter into some type of agreement.

7. The offer must be: Serious Definite and Certain Communicated

8. Who is making an offer to sell goods for an additional 50% off? How could you accept this offer? Is this a serious offer? Is this offer “definite and certain?” How has this offer been “communicated?” Contracts

9. Acceptance Agreeing to the terms of the offer Contracts

10. Acceptance It must be unconditional - MIRROR IMAGE RULE Contracts

11. Counteroffer …becomes a new offer Contracts

12. Seeing it in action… eBay

14. What are the requirements of an offer? 3 basic requirements

15. What is the mirror image rule? (having to do with acceptance of an offer) it must not change the original terms of the offer in any way

16. What is the difference between the mirror image rule and a counteroffer? Mirror image rule does not change the offer in any way. A counteroffer happens when the terms of the acceptance change the original offer. Contracts

17. Next up… Genuine Agreement a.k.a. “meeting of the minds”