1. How Contract Arise
Chapter 5

2. Contractual Chaos Cast Mr. Benes Viktor Alena Emil
What are the legal issues?
Does the promise to do a favor create a binding contract
What characteristics do contracts share?
When does a contract legally come into existence?
What constitutes a legal offer?
What constitutes a legal acceptance?

3. Contracts
Section 5.1
Identifying a contract’s elements will help you manage your affairs in an intelligent and effective manner

4. What You’ll Learn Explain the elements of legal contracts
How to identify valid, void, voidable and unenforceable contracts
How to distinguish between express and implied contracts
How to identify unilateral and bilateral contracts
How to distinguish between oral and written contracts

5. Legal Terms Contract Offer/acceptance Genuine agreement Capacity
Consideration
legality
Void/voidable contract
Unenforceable contract
Express/implied contract
Bilateral/unilateral contract

6. Understanding Contract Law

7. The Nature of a Contract

8. Theories of Contract Law

9. Elements of a Contract Offer Acceptance Genuine Agreement
Consideration
Capacity
Legality

10. Characteristics of a Contract
Valid, void, voidable or unenforceable
Expressed or implied
Bilateral or unilateral
Oral or written

11. Section 5.1 Assessment Reviewing what you learned
Critically Thinking Activity
Legal Skills in Action
Elements of a Contract

12. Offer and Acceptance Section 5.2
You need to know when an offer has been made and when an acceptance goes into effect to make sound contracts.

13. What You’ll Learn How to recognize the requirement of an offer
How to distinguish between an offer and an invitation to negotiate
How to recognize the requirements of an acceptance
How to distinguish between an acceptance and a counter offer
How to recognize when an offer has terminated.

14. Legal Terms Invitations to negotiate Mirror image rule Counteroffer
Revocation
Rejection

15. Requirements of an Offer
Basic requirements
Made seriously
Definite and certain
Communicated to the offeree
Because the six elements of a contract form the heart of contract law, we will build our study of contracts around them.
Understanding the elements of offer and acceptance is necessary before moving on to other matters

16. Serious Intent

17. Definiteness and Certainty

18. Communication to Offeree

19. Requirement of Acceptance
Requirements must be met
The acceptance must be unconditional
Must follow the rules regarding the method of acceptance
The second element of a legally binding contract is acceptance

20. Unconditional Acceptance

21. Method of Acceptance

22. Termination of an Offer
Revocation
Rejection
Counteroffer
Expiration of Time
Death or Insanity
Even though an offer has been properly communicated it may be terminated in any of the following ways.

23. Section 5.2 Assessment Reviewing what you learned
Critical Thinking Activity
Legal Skill in Action