Contract Law Part 1

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Contract Law Part 1
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  • Implied Contract
  • Let's take the bus!
  • Oral Contract
  • Can I buy your dog?
  • Sure, I will bring it to you.
  • Written Contract
  • I need to start a mortgage to pay off my house.
  • Sure, Please sign these papers.
  • This is an Implied Contract because, when you are taking the bus , you agree to pay the correct fare and the bus driver agrees to take you to the destination and it is automatically assumed.
  • Offer and Acceptance
  • This is an oral contract because, when buying something from a neighbor, you are verbally agreeing on the purchase.
  • Mutual Agreement
  • Are you down to start a business? I am down.
  • I am down too. Let's start a business.
  • This is a written contract because you are physically signing the papers to agree to the deal.
  • Consideration
  • Hey, Since we both own business's why don't we become business partners. I will pay you $1500 and then we can look after both business's together.
  • Sure, Great idea!
  • This is Offer and Acceptance because you are asking someone/giving them an offer to do something and they accept it.
  • Can you please get me a burger fries and drink. I will give you $10.
  • Sure.
  • This is a Mutual Agreement because both parties are in agreement. In this case, they have both agreed to start a business.
  • This is Consideration because when one party does something of value to the other party which the other party is not entitled to, it is called Consideration.