How Contract AriseHow Contract Arise
Chapter 5Chapter 5
Contractual ChaosContractual Chaos
Cast Cast Mr. BenesMr. Benes ViktorViktor AlenaAlena EmilEmil
ContractsContracts
Section 5.1Section 5.1
What You’ll LearnWhat You’ll Learn
Explain the elements of legal contractsExplain the elements of legal contracts How to identify valid, void, voidable How to identify valid, void, voidable
and unenforceable contractsand unenforceable contracts How to distinguish between express How to distinguish between express
and implied contractsand implied contracts How to identify unilateral and bilateral How to identify unilateral and bilateral
contractscontracts How to distinguish between oral and How to distinguish between oral and
written contractswritten contracts
Legal TermsLegal Terms
ContractContract Offer/acceptanceOffer/acceptance Genuine Genuine
agreementagreement CapacityCapacity ConsiderationConsideration legalitylegality
Void/voidable Void/voidable contractcontract
Unenforceable Unenforceable contractcontract
Express/implied Express/implied contractcontract
Bilateral/unilateral Bilateral/unilateral contractcontract
Understanding Contract Law Understanding Contract Law
The Nature of a ContractThe Nature of a Contract
Theories of Contract LawTheories of Contract Law
Elements of a ContractElements of a Contract
OfferOffer AcceptanceAcceptance Genuine AgreementGenuine Agreement ConsiderationConsideration CapacityCapacity LegalityLegality
Characteristics of a ContractCharacteristics of a Contract
Valid, void, voidable or Valid, void, voidable or unenforceableunenforceable
Expressed or impliedExpressed or implied Bilateral or unilateralBilateral or unilateral Oral or written Oral or written
Section 5.1 AssessmentSection 5.1 Assessment
Reviewing what you learnedReviewing what you learned
Critically Thinking ActivityCritically Thinking Activity
Legal Skills in ActionLegal Skills in Action Elements of a ContractElements of a Contract
Offer and AcceptanceOffer and Acceptance
Section 5.2Section 5.2
What You’ll LearnWhat You’ll Learn
How to recognize the requirement of an How to recognize the requirement of an offeroffer
How to distinguish between an offer and How to distinguish between an offer and an invitation to negotiatean invitation to negotiate
How to recognize the requirements of an How to recognize the requirements of an acceptanceacceptance
How to distinguish between an acceptance How to distinguish between an acceptance and a counter offerand a counter offer
How to recognize when an offer has How to recognize when an offer has terminated.terminated.
Legal TermsLegal Terms
Invitations to negotiateInvitations to negotiate Mirror image ruleMirror image rule CounterofferCounteroffer RevocationRevocation RejectionRejection
Requirements of an OfferRequirements of an Offer
Basic requirementsBasic requirements Made seriouslyMade seriously Definite and certainDefinite and certain Communicated to the offereeCommunicated to the offeree
Serious IntentSerious Intent
Definiteness and CertaintyDefiniteness and Certainty
Communication to OffereeCommunication to Offeree
Requirement of AcceptanceRequirement of Acceptance
Requirements must be metRequirements must be met The acceptance must be unconditionalThe acceptance must be unconditional Must follow the rules regarding the Must follow the rules regarding the
method of acceptancemethod of acceptance
Unconditional AcceptanceUnconditional Acceptance
Method of AcceptanceMethod of Acceptance
Termination of an OfferTermination of an Offer
RevocationRevocation RejectionRejection CounterofferCounteroffer Expiration of TimeExpiration of Time Death or InsanityDeath or Insanity
Section 5.2 AssessmentSection 5.2 Assessment
Reviewing what you learnedReviewing what you learned
Critical Thinking ActivityCritical Thinking Activity
Legal Skill in ActionLegal Skill in Action