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• A contract is a promise or a set of promises for the breach of
  which the law gives a remedy, or the performance of which
  the law in some way recognizes as a duty.

• We will focus on 4 topics:
   Offer and acceptance
   Consideration
   Duties and enforcement
   Defenses
   Offer: Showing a willingness to enter into a
    bargain in such a way that another person
    would interpret that they could accept and it
    would conclude the negotiations.
   Can be through words or actions.
    Advertisements can be offers.
   Negotiations are not offers. Buyers have to
    be able to walk away from estimates or price
    quotes.
   Acceptance- once an offer has been made,
    the other party can accept the offer in any
    reasonable way, including starting
    performance.
   The party who accepts can back out up until
    performance begins.
   Factors include:
     Were terms finalized? Did performance begin?
   Consideration: A contract must include a
    promise and a return promise.
   It cannot only go in one direction. Both
    parties have to get something valuable (a
    good or service).
   A promise of a gift is not enforceable because
    one party gets nothing.
   The exchange doesn’t have to be equal- one
    person may value something more than
    someone else.
   Substantial Performance- Doing exactly what
    is in the contract is not always possible, but
    the parties have to reasonably live up to the
    terms.
   If one party does not materially perform, the
    other party no longer has to perform.
   Failure to perform is called “breach.”
   What happens when one party breaches?
   Damages- The party who is harmed can
    request money from the other party equal to
    the loss from the breach.
   Specific performance- If it is still possible to
    perform the contract, the court can require
    the party to perform.
   Read Scenario 1 on the worksheet, then post
    your new negotiated contract in the Contract
    Blog.
   Certain things can make contracts void even though
    both parties agreed on the terms and there was
    valuable consideration.
   Unconscionability- If one party tricked
    another party into agreeing to an unfair
    contract, the court may not enforce it.
     Often comes up when businesses try to trick poor
     or uneducated clients.
   Fraud or Duress- Lying or misrepresenting
    something in negotiations can make a
    contract void.
     Also, taking advantage of someone in a bad
      situation can make a contract void.
     If a company knows about a flaw in a product and
      covers it up, the contract to buy it is void.
   Legality - If the terms of a contract require
    illegal behavior, or if they go against
    Congress’ stated goals, it will be declared
    void.
   Read Scenario 2 of the worksheet, and post
    your response in the Contract Blog
   See the instructions on the Safe Driver
    Contract

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Contracts PowerPoint Presentation

  • 1.
  • 2. • A contract is a promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty. • We will focus on 4 topics:  Offer and acceptance  Consideration  Duties and enforcement  Defenses
  • 3. Offer: Showing a willingness to enter into a bargain in such a way that another person would interpret that they could accept and it would conclude the negotiations.  Can be through words or actions. Advertisements can be offers.  Negotiations are not offers. Buyers have to be able to walk away from estimates or price quotes.
  • 4. Acceptance- once an offer has been made, the other party can accept the offer in any reasonable way, including starting performance.  The party who accepts can back out up until performance begins.  Factors include:  Were terms finalized? Did performance begin?
  • 5. Consideration: A contract must include a promise and a return promise.  It cannot only go in one direction. Both parties have to get something valuable (a good or service).  A promise of a gift is not enforceable because one party gets nothing.  The exchange doesn’t have to be equal- one person may value something more than someone else.
  • 6. Substantial Performance- Doing exactly what is in the contract is not always possible, but the parties have to reasonably live up to the terms.  If one party does not materially perform, the other party no longer has to perform.  Failure to perform is called “breach.”
  • 7. What happens when one party breaches?  Damages- The party who is harmed can request money from the other party equal to the loss from the breach.  Specific performance- If it is still possible to perform the contract, the court can require the party to perform.
  • 8. Read Scenario 1 on the worksheet, then post your new negotiated contract in the Contract Blog.
  • 9. Certain things can make contracts void even though both parties agreed on the terms and there was valuable consideration.  Unconscionability- If one party tricked another party into agreeing to an unfair contract, the court may not enforce it.  Often comes up when businesses try to trick poor or uneducated clients.
  • 10. Fraud or Duress- Lying or misrepresenting something in negotiations can make a contract void.  Also, taking advantage of someone in a bad situation can make a contract void.  If a company knows about a flaw in a product and covers it up, the contract to buy it is void.
  • 11. Legality - If the terms of a contract require illegal behavior, or if they go against Congress’ stated goals, it will be declared void.
  • 12. Read Scenario 2 of the worksheet, and post your response in the Contract Blog
  • 13. See the instructions on the Safe Driver Contract