How Contract Arise
Chapter 5
Contractual Chaos
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Cast
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Mr. Benes
Viktor
Alena
Emil
Contracts
Section 5.1
What You’ll Learn
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Explain the elements of legal contracts
How to identify valid, void, voidable and
unenforceable contracts
How to distinguish between express and
implied contracts
How to identify unilateral and bilateral
contracts
How to distinguish between oral and
written contracts
Legal Terms
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Contract
Offer/acceptance
Genuine agreement
Capacity
Consideration
legality
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Void/voidable contract
Unenforceable
contract
Express/implied
contract
Bilateral/unilateral
contract
Understanding Contract Law
The Nature of a Contract
Theories of Contract Law
Elements of a Contract
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Offer
Acceptance
Genuine Agreement
Consideration
Capacity
Legality
Characteristics of a Contract
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Valid, void, voidable or unenforceable
Expressed or implied
Bilateral or unilateral
Oral or written
Section 5.1 Assessment
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Reviewing what you learned
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Critically Thinking Activity
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Legal Skills in Action
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Elements of a Contract
Offer and Acceptance
Section 5.2
What You’ll Learn
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How to recognize the requirement of an offer
How to distinguish between an offer and an
invitation to negotiate
How to recognize the requirements of an
acceptance
How to distinguish between an acceptance and
a counter offer
How to recognize when an offer has terminated.
Legal Terms
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Invitations to negotiate
Mirror image rule
Counteroffer
Revocation
Rejection
Requirements of an Offer
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Basic requirements
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Made seriously
Definite and certain
Communicated to the offeree
Serious Intent
Definiteness and Certainty
Communication to Offeree
Requirement of Acceptance
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Requirements must be met
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The acceptance must be unconditional
Must follow the rules regarding the method of
acceptance
Unconditional Acceptance
Method of Acceptance
Termination of an Offer
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Revocation
Rejection
Counteroffer
Expiration of Time
Death or Insanity
Section 5.2 Assessment
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Reviewing what you learned
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Critical Thinking Activity
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Legal Skill in Action