contracts and consideration acct

contracts and consideration acct - Contracts 4 elements of...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Contracts 4 elements of every contract Agreement between parties Bargain for exchange (something of value) Contracting parties have to have the capacity Contract has to be legal Most argument with contracts happen because of how people interpret them In order for there to be an agreement there has to be an offer and an acceptance The 1 st thing you look at is the offer’s intent Preliminary offering- ex) a house is selling for 300 you are offering 280, you ask them are you willing to take 280 they say yes but that doesn’t mean it’s a contract. Contracts have to be very specific and concrete Advertisements is only seen as an invitation for you to make an offer Exception- is when it says the first 100 people get a certain deal Auctions- offer when accepted has to be communicated to the buyer Offer terminates happen because of lapse of time, or because the party withdraws the offer Exception- if an offer is made but there’s been no acceptance and the offerer dies before
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 2

contracts and consideration acct - Contracts 4 elements of...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online