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Lecture Fundamentals of business law (6/e): Chapter 7 - Margaret Barron

Chapter 7 "Contract Law – Part 1". In this chapter you should understand: how to define contracts according to validity, performance and formation; how contracts can be classified; how to distinguish formal contracts from simple contracts;. | This is the prescribed textbook for your course. Available NOW at your campus bookstore! 7- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Contract Law 1 Chapter 7 7- Introduction An understanding of the law of contract is of fundamental importance in the context of business practice. 7- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Valid Contract An agreement made between two or more parties, giving rise to legal rights and obligations that the law will enforce. 7- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Intention to create Legality legal relations of object Terms: Express/implied Offer Form Acceptance Conditions Warranties Consideration Exclusionary clauses Reality of Capacity of consent parties Valid Contract (cont.) 7- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Classifications of Contracts Classifications Validity Performance Formation 7- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Validity Valid Void Voidable Unenforceable Illegal All essential Elements present, therefore law will enforce on behalf of either party No legal effect Entitled to be rescinded by innocent party Essential elements present but technicality prevented from being enforced Purpose or object of contract is illegal Validity 7- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Performance EXECUTED EXECUTORY One party to contract Both parties have has completed its part obligations to perform of the contract 7- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 . | This is the prescribed textbook for your course. Available NOW at your campus bookstore! 7- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Contract Law 1 Chapter 7 7- Introduction An understanding of the law of contract is of fundamental importance in the context of business practice. 7- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Valid Contract An agreement made between two or more parties, giving rise to legal rights and obligations that the law will enforce. 7- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Intention to create Legality legal relations of object Terms: Express/implied Offer Form Acceptance Conditions Warranties Consideration Exclusionary clauses Reality of Capacity of consent parties Valid Contract (cont.)