ACNB slides_18-20-23-25 Dec 2013.pdf

8/11/2019 ACNB slides_18-20-23-25 Dec 2013.pdf

1/44

LO1: Understand the essentialLO1: Understand the essential

elements of a valid contract inelements of a valid contract in

a Business Contexta Business Context

B: A B: A

E: @.E: @.12/25/2013 1


2/44

Essential Elements of a valid contractEssential Elements of a valid contract

EE :: ;;

;;

;; ;;

:: ;; ;; ;;

::;; ;;

;; ;; ;;

12/25/2013 2


3/44

Outcomes and assessment criteriaOutcomes and assessment criteria

1:

1.1

1.2

1.3

12/25/2013 3


4/44

What is aWhat is a contractcontract

A A

12/25/2013 4


5/44

Essential Elements of a valid contractEssential Elements of a valid contract

AA::

..

..CC

,, ,,

12/25/2013 5


6/44

Essential Elements of a valid contractEssential Elements of a valid contract continued..continued..

,,

,,

: :

12/25/2013 6


7/44

Void ContractVoid Contract

AA

..

FF ,,

..

,,

..

12/25/2013 7


8/44

Validity FactorsValidity Factors

FF::

GG CC::

CC:: ....

::

12/25/2013 8


9/44

Privity of ContractPrivity of Contract

, , . .

, ,

12/25/2013 9


10/44

Conditions, warranties & Innominate termsConditions, warranties & Innominate terms

://.://.../C,../C,

..

12/25/2013 10


11/44

an ouan ou-- 18 12 201318 12 2013

12/25/2013 11


12/44

3. Validity factor3. Validity factor

33..11

CC

33..22 FF ,,

CC

12/25/2013 12


13/44

::

AA

(( ))

12/25/2013 13


14/44

Contract by deedContract by deed

AA

.. AA

..

12/25/2013 14


15/44

Contracts which must be in writingContracts which must be in writing

A A

12/25/2013 15


16/44

4. Offer4. Offer

4.1 A 4.1 A

C C

C C GG 1831 1831

& C A 1932& C A 1932A A

C C CC C B C 1893 C B C 1893

12/25/2013 16


17/44

4.2 4.2

. .

C C FF 18931893

C C BB B G 1971 B G 1971

A A

A A

12/25/2013 17


18/44

--

12/25/2013 18


19/44

4.3 A 4.3 A

A A

. .

A A

AA

E E

A A

12/25/2013 19


20/44

C A:C A:AA

C 1968 C 1968 61 61

A 1A 1 62 62

F B 1961F B 1961 62 62

A A ..

A 2A 212/25/2013 20


21/44

4.4 4.4

A A

(C) (C)

F F

D D

C C 63 63

12/25/2013 21


22/44

CC AA

.. ,,

,,

AA

12/25/2013 22


23/44

AA

..

CC GG 18281828 6565FF AA

CC FF 19621962 6666

12/25/2013 23


24/44

AcceptanceAcceptance

55..11 DD::

AA ()()

CC BB CC 18771877 6767

12/25/2013 24


25/44

5.2 A C5.2 A C

. . . .

C C BB CC 19471947 68 68

55..33 AA

CC BB CC CC BB EE CC 19841984 6868

12/25/2013 25


26/44

55..44 AA AA

.. ::

AA

AA ((

55..55 CC

AA

;; ..

12/25/2013 26


27/44

55..77 ,,

,,

,,

..

A 3A 3 DD 69 69

12/25/2013 27


28/44

5.6 C 5.6 C

. .

B C. C B C. C

F F

12/25/2013 28


29/44

an ouan ou-- ecec

12/25/2013 29


30/44

Electronic ContractsElectronic Contracts FF

DD

CC DD

..

12/25/2013 30


31/44

Chapter Roundup DiscussionChapter Roundup Discussion

A A

A A A A 4 4

AA

A A

E E 12/25/2013 31


32/44

Chapter 5: ConsiderationChapter 5: Consideration

DefinitionPrivity of

Contract

12/25/2013 32

Consideration

Waiver ofexisting rights

Adequacy andsufficiency


33/44

Cha ter 5: ConsiderationCha ter 5: Consideration

12/25/2013 33


34/44

IntroductionIntroduction

CC ..

,,

,, ..

12/25/2013 34


35/44

1. Consideration1. Consideration

CC ..

12/25/2013 35


36/44

,, EE CC:: ,,

,, ..

EE AA

BB AA ..

12/25/2013 36


37/44

EE CC::

,, ..EE AA

,,

.. ..

12/25/2013 37


38/44

CC:: AA

,, ,, ..

CC DD AA 19511951 8181

,,

12/25/2013 38


39/44

A 1: 83A 1: 83

??

..

12/25/2013 39


40/44

2. Adequacy and sufficiency of consideration2. Adequacy and sufficiency of consideration

,,

,,

,, ..

12/25/2013 40


41/44

AA::

,,

..

::

AA B,B, BB AA (A)(A) ,,

AA ..AA BB

12/25/2013 41


42/44

Activit 2: Which of the followin isActivit 2: Which of the followin is

true of consideration?true of consideration?-- Page 87Page 87

12/25/2013 42


43/44

3. Privity of contract3. Privity of contract

.. ..

..

CC AA 18611861

12/25/2013 43


44/44

--

12/25/2013 44

Documents

ACNB slides_18-20-23-25 Dec 2013.pdf