Miss Essay

710 Words Dec 10th, 2012 3 Pages
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Video: “Business Concepts - Contract Law”

The 5 +1 essential elements of a contract are:

1. Consensus – Basic Agreement – Offer/Acceptance 2. Consideration – Price – Money/Goods/Services 3. Capacity – Legal capacity-Competent to Contract… 4. Intent- Genuine Consent – No duress/undue influence… 5. Legality PLUS 6. Form of the Contract – oral/written/implied by performance

Segment 1: Contracts: What are they?

• contracts are the basis of business • often enter into several contracts a day

• 3 FORMS of contract 1. __________________________________ • verbal agreement between 2 parties making
…show more content…
You were unaware of what you were doing due to your mental incapacity

2. The other party was aware of the incompetence

3. The aggrieved party tried to rescind or void the contract within a reasonable time

Notes:

Segment 5: “Genuine Consent” ( Intent

• genuine, unforced, non-manipulated consent • contract will be invalid because no genuine consent • all parties involved in the contract enter into it voluntarily without duress, • undue influence, mistake or misrepresentation • if a business relationship, the courts presume the intent to contract • if a family or friend relationships, the courts presume it isn’t a contract (both presumptions are refutable)

• Duress: • enter into because they fear the consequences of not signing •

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