tailieunhanh - Lecture Business law: The ethical, global, and e-commerce environment (15/e): Chapter 9 - Mallor, Barnes, Bowers, Langvardt

Chapter 9 - Introduction to contracts. When you finish this chapter, you should: Explain the nature and purpose of contracts, describe the elements of a contract, distinguish applicability of common law of contracts and Art. 2 of the Uniform Commercial Code, identify non-contract obligations. | Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 3 Introduction to Contracts The Agreement: Offer The Agreement: Acceptance Consideration Reality of Consent Contracts P A R T 3 Capacity to Contract Illegality Writing Rights of Third Parties Performance and Remedies Contracts P A R T Introduction to Contracts P A E T R H C 9 Contracts are agreements made up of big words and little type. Sam Ewing quoted in the Saturday Evening Post May 1993 Learning Objectives Explain the nature and purpose of contracts Describe the elements of a contract Distinguish applicability of common law of contracts and Art. 2 of the Uniform Commercial Code Identify non-contract obligations Not every promise is legally enforceable But when a set of promises has the status of contract, a person injured by a breach of that contract is entitled to call on the government (courts) to force the breaching party to honor the contract Contract law is ancient law, but has . | Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 3 Introduction to Contracts The Agreement: Offer The Agreement: Acceptance Consideration Reality of Consent Contracts P A R T 3 Capacity to Contract Illegality Writing Rights of Third Parties Performance and Remedies Contracts P A R T Introduction to Contracts P A E T R H C 9 Contracts are agreements made up of big words and little type. Sam Ewing quoted in the Saturday Evening Post May 1993 Learning Objectives Explain the nature and purpose of contracts Describe the elements of a contract Distinguish applicability of common law of contracts and Art. 2 of the Uniform Commercial Code Identify non-contract obligations Not every promise is legally enforceable But when a set of promises has the status of contract, a person injured by a breach of that contract is entitled to call on the government (courts) to force the breaching party to honor the contract Contract law is ancient law, but has evolved to reflect social change Contracts (1) agreement made of an offer and an acceptance, (2) made voluntarily, (3) supported by consideration, (4) between parties with capacity to contract, and (5) made for a lawful purpose See Figure 1, page 318 Elements of a Contract Bilateral contracts: two parties make promises to one another Unilateral contracts: one party makes a promise Frequent buyer cards are offers for unilateral contracts; gaining points on the cards accept the offer and creates a contract Contract Concepts and Types Valid contract: binding and enforceable agreement Voidable contract: agreement otherwise binding, but due to circumstances surrounding execution or lack of capacity, may be rejected at option of one party Void contract: agreement without legal effect because prohibited by law Contract Concepts and Types Express contract: agreement of parties manifested by words, written or oral Implied contract: agreement not shown by words, but by acts and conduct of .