Contract Law Part 1
Storyboard Text
- 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.
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