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?