Welcome!
The Topic For Today Is…. Contract Law
Contract Law
Elements of a
contract
Characteristics
of a contract
Termination of
an offer
Requirements
of Acceptance
Miscellaneous
200
200
200
200
200
400
400
400
400
400
600
600
600
600
600
800
800
800
800
800
1000
1000
1000
1000
1000
Bonus Question: 5000 pts
Topic 1: 200
• Question 1: what is an offer?
• Answer: An offer is a proposal by one party to
another intended to create a legally binding
agreement.
Topic 1: 400
• Question: How would you define a genuine
agreement in your own words?
• Answer: Well Genuine is something true. A
valid offer is met with a valid acceptance.
Topic 1: 600
• Question: Name the six elements of a
contract.
• Answer: Capacity, consideration, legality, offer,
acceptance, and genuine agreement.
Topic 1: 800
• Question: Who are excused from contractual
responsibility ?
• Answer: Minors, mentally impaired people,
and individuals under the influence of drugs
or alcohol.
Topic 1: 1000
• Question: Define what is a contract.
• Answer: A contract is any agreement
enforceable by law.
Topic 2: 200
• Question: Give a definition of what valid
means.
• Answer: Valid is something legally good.
Topic 2: 400
• Question: Define a bilateral contract.
• Answer: A bilateral contract is a contract that
contains two promises.
Topic 2: 600
• Question: In which type of contract do both
parties, the offeror and the offeree, make
promises.
• Answer: A bilateral contract
Topic 2: 800
• Question: What would be an example of an
implied contract?
• Answer: when you pay for your gas you have
an implied contract with the person who you
paid your gas to.
Topic 2: 1000
• Question: What contract is oral or written?
• Answer: An expressed contract
Topic 3: 200
• Question: What is the difference between
revocation and rejection?
• Answer: Revocation is the taking back of an
offer by the offeror. Rejection is when the
offeree refuses the offer and brings the offer
to an end.
Topic 3: 400
• Question: Can you change you mind and
withdraw an offer?
• Answer: You can withdraw as long as the
offeree has not already accepted the offer.
Topic 3: 600
• Question: How would you describe a
counteroffer.?
• Answer: A counteroffer ends the first offer.
For example) If you tell someone I will sell my
car to you for 12,000 and that person says I
will sell my car 10,000 .
Topic 3: 800
• Question: Describe Death or Insanity
• Answer: If the offeror dies or becomes insane
before the offer is accepted, the offer comes
to an end.
Topic 3: 1000
• Question: Expiration of time give an example.
• Answer: Lets just say Aniya has offered to sell
her car for 1,200. Aniya tells Franny the offer
will remain into effect until noon of the
following day.
Topic 4: 200
• Question: How would you describe definite
and certainness?
• Answer: Definite and Certainness means that
it has to be detailed and states exactly what
the contract says.
Topic 4: 400
• Question: What is the Mirror Image rule?
• Answer: The Mirror Image rule means that the
terms stated in the acceptance must exactly
mirror or match the terms of the offer.
Topic 4: 600
• Question: How would you define serious
intent?
• Answer: I would define serious intent as
entering into the contract with a legal
obligation.
Topic 4: 800
• Question: How would you define definiteness
and certainty?
• Answer: Definiteness and certainty means
that you state exactly what the contract is
about.
Topic 4: 1000
• Question: list different communication to the
offeree.
• Answer: Offers can be made by: telephone,
letter, telegram, fax, email etc….
Topic 5: 200
• Question: What is invitations to negotiate?
• Answer: They are invitations to deal, trade, or
make an offer.
Topic 5: 400
• Question: In Latin what does bilateral mean?
• Answer: Bi means two lateral means sides
Topic 5: 600
• Question: In Latin what does Unilateral mean?
• Answer: Uni meaning one lateral meaning
side?
Topic 5: 800
• Question: Name a well known contracts for
teenagers.
• Answer: cellphone contract
Topic 5: 1000
• Question:
• You can ask a question here, it has to relate to
the topic, as # get higher, Q’s get harder!
• Answer
• (The answer here!)
Bonus Question:
5000 pts.
• Question: Does a contract have to be in
writing in order for it to be valid?
• Answer: No it doesn’t a contract maybe be
valid orally.
Daily Double
Of the six elements,
which is the most crucial
to setting up a valid
contract?
Daily Double
You lost your backpack and posted a
$20 reward for it. If someone who
did not know about the reward
returned the backpack, would you be
legally obligated to pay the reward?