Understanding Contracts: Definition, Elements, and Examples, Slides of Consumer Law

Download Understanding Contracts: Definition, Elements, and Examples and more Slides Consumer Law in PDF only on Docsity! Contracts Negotiation and Drafting Docsity.com What is a Contract • a: a binding agreement between two or more persons or parties ; especially one legally enforceable • b: a business arrangement for the supply of goods or services at a fixed price -Merriam-Webster Docsity.com Examples * Credit Card Agreement Docsity.com Examples • Credit Card Agreement • Signed agreement related to a job Docsity.com Examples • Credit Card Agreement • Signed agreement related to a job • Online agreement when starting a Facebook or email account Docsity.com Facebook terms and conditions • Switch to Firefox Docsity.com Civil Legal Duties Groups of people, generally everyone. The specific individuals who willfully enter into the agreement. Laws of society bind everyone in it. Specific agreements in which the parties mutually bind themselves. Docsity.com What does it mean to Contract? Contracts are about: Docsity.com What does it mean to Contract? Contracts are about: • Bargaining • Coming to an agreement • Being willing to be legally bound to your side of that agreement, as long as the other party is bound to theirs Docsity.com Elements of contracting ¢ Offer ¢ Acceptance * Consideration ® Docsity.com Elements of contracting • Offer • Acceptance • Consideration • These are the basic elements, but contract law can get a lot more complicated Docsity.com Offer • An offer is an invitation to make a contract • Examples? – Displaying a take it or leave it contract online – Bidding on ebay – Putting a price tag on an item in a store Docsity.com Offer • An offer is an invitation to make a contract • Examples? – Displaying a take it or leave it contract online – Bidding on ebay – Putting a price tag on an item in a store • Offers can go back and forth (but don’t have to) until… Docsity.com Acceptance • The point at which one party agrees to the other parties offer • Examples – Clicking that you accept the online contract – Winning an ebay auction – Buying the item from the store Docsity.com Is this a contract? • You order a book of Amazon.com. Your credit card is charged, but no book ever shows up. • Was there a legally enforceable contract? Docsity.com Is this a contract? • You order a book of Amazon.com. Your credit card is charged, but no book ever shows up. • Was there a legally enforceable contract? • Yes, you agreed to pay Amazon.com money and they agreed to send you a book. Docsity.com Is this a contract? • Last year, your uncle promised you an iPhone for your 18th birthday. When you turned 18, he gave you his old broken basic cell phone. • Was there a legally enforceable contract? Docsity.com Is this a contract? • You signed up for a week long summer basketball camp which cost $100. You paid and went to the camp. When you got to the camp, they just had you watch football movies all day. • Was there a legally enforceable contract? • Yes. You agreed to pay money to the camp and they were supposed to give you basketball training. Docsity.com Negotiation and drafting activity • We are going to negotiate and draft a contract • Negotiating and drafting contracts is something that a lot of lawyers do—including hopefully me. • The goal is to come to an agreement. – This requires each side to compromise, so that they can get what they really want—to make a deal. Docsity.com When drafting be sure to Include all the terms Don’t be afraid of creative solutions Use specific binding language: “Shall” not “Will” X shall pay Y $10. Y shall wash X’s car. Not: X will pay Y $10. Y will wash X’s car. Docsity.com