What's New in Teams Calling, Meetings and Devices March 2024
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