PPT-Chapter 9: Contracts – Consideration, Capacity, and Legality

1 Learning Objectives What is consideration What is required for consideration to be legally sufficient In what circumstances might a promise be enforced despite a lack of consideration 2. Chapter 5 NonCompe itively Bid NCB Contracts Overview 4. th. . Edition. © 2015 OnCourse Learning. Chapter 3: Consideration. © 2015 OnCourse Learning. Consideration, in general . Consideration. is simply the inducement to a contract, often referred to as a bargained for exchange between the parties to an agreement. . CHAPTER 12. Click your mouse anywhere on the screen when you are ready to advance the text within each slide. . After the starburst appears behind the blue triangles, the slide is completely shown. You may click one of the blue triangles to move to the next slide or the previous slide.. 1 Contracts Outline - Bar - Gill - Fall 2008 ************************************************************************************* I. Basic Consideration (Bargain Theory) A. Basic Rule : Contract = Chapter 9. 9.1 Contractual Capacity of . Individuals and Organizations. Contracts Unit. Objectives. TLW identify parties who lack contractual capacity.. TLW explain the role of capacity in organizations.. A PAPER PRESENTED AT 2-DAY ZONAL WORKSHOP ON ESSENTIALS OF BUILDING AND ENGINEERING CONTRACT DOCUMENTATION AND ADMINISTRATION ORGANISED BY THE NIGERIAN INSTITUTE OF QUANTITY SURVEYORS (NIQS) ON 22. ND. Obj. 2.01 Understand the elements and characteristics of a contract. Elements of a Contract. Offer. Acceptance. Genuine Agreement/Assent. Consideration. Capacity. Legality. All elements MUST be present to be an enforceable contract.. © . 2013 . Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.. Miller. §1: . Overview of Contract Law. 2. Sources of Contract Law.. Common Law for all contracts except sales and leases.. Sale and lease contracts - Uniform Commercial Code (UCC). . . . 2. Overview . Copyright . © . 2017 . McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.. Overview. LO13-1: What is a contract?. Obj. 2.01 Understand the elements and characteristics of a contract. https://. www.youtube.com/watch?v=Hi4fOXfqJJw. . Notes: Understand Contract Law. BL 2.01 Notes Organizer . Understand . Contract Law. – . DEFINITION . ,BASIC CONCEPTS and CONSENSUS. Define a contract. Name and discuss the requirements for a valid contract. Explain the parties to a contract. Explain the performance of a contract. Explain unilateral contrCTS. MEANING AND DEFINITION . S 2(d) “ When at the desire of the promisor, the . promisee. or any other person has done or abstained from doing or does or abstains from doing or promises to do or abstain from doing something, such act or abstinence or promise is called a consideration for the promise”. Dr. . Gaurav. . Varshney. Assistant Professor. Faculty of Law, AMU, Aligarh. Requirement of A Valid Contract. LEGALITY. : Defined as “Confirmity to the Law”. Therefore, the Legality of Object & Consideration for a Contract means that it must be Lawful..