fall 2008 contract powerpoint

fall 2008 contract powerpoint - Contracts Todays class...

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Contracts Today’s class: basic terms what you need to form a contract Next class: continue with contract formation, contract performance, breach, remedies We will look at a real contract
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Requirements Agreement. Consideration. Contractual Capacity. Legality.
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Introduction
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Function and Definition Contracts are designed to provide stability and predictability, as well as certainty, for both, buyers and sellers in the marketplace. Necessary to ensure compliance with a promise or to entitle the innocent party to some form of relief. What is a Contract?
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Requirements Agreement. Consideration. Contractual Capacity. Legality.
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agreement Offeror offeree
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Types of Contracts Bilateral - Offeree must only promise to perform (“promise for a promise”). Unilateral - Offeree can accept the offer only by completing the contract performance (“promise for an act”).
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Formal vs. Informal Contracts. Express (oral or written) Implied-in-Fact (Conduct creates and defines the terms of the contract). Executed v. Executory.
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fall 2008 contract powerpoint - Contracts Todays class...

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