1. LAW for Business and Personal Use © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. CHAPTER 6 Offer and Acceptance 6-1 6-1Creation of Offers 6-2 6-2Termination of Offers 6-3 6-3Acceptances

2. LAW for Business and Personal Use © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 SLIDE 2 6-1Creation of Offers  GOALS  List the elements required to form a contract  Describe the requirements of an offer

3. LAW for Business and Personal Use © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 SLIDE 3 REQUIREMENTS OF A LEGALLY ENFORCEABLE CONTRACT  Offer and acceptance  Genuine assent  Legality  Consideration  Capacity  Proper form

4. LAW for Business and Personal Use © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 SLIDE 4 NATURE AND CLASSES OF CONTRACTS  Executed and executory contracts  Both parties have done all things promised  Not fully performed, something remains to be completed  Express, implied-in-fact, and implied-at-law (quasi) contracts  All terms expressly stated, written or spoken  Terms inferred from parties’ acts or conduct  Unilateral and bilateral (multilateral) contracts

5. LAW for Business and Personal Use © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. NATURE AND CLASSES OF CONTRACTS, cont.  Unilateral and bilateral (multilateral) contracts  Offeror promises something in return for offeree’s performance and indicates performance is the way acceptance is made.  Mutual exchange of legally binding promises as indication of acceptance. Chapter 6 SLIDE 5

6. LAW for Business and Personal Use © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 SLIDE 6 CHECKPOINT  What elements are required to form a legally enforceable contract?     

7. LAW for Business and Personal Use © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 SLIDE 7 REQUIREMENTS OF AN OFFER  Contractual intent must be present  Jests  Statements made in anger or terror  Preliminary negotiations  Social agreements  Offer must be communicated to the offeree  Essential terms must be complete and definite

8. LAW for Business and Personal Use © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 SLIDE 8 CHECKPOINT  What are the requirements of an offer?     