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Chapter 77
Chapter
Contracts: Classification,
Contracts: Classification,
Agreement, and
Agreement, and Consideration
Consideration
Slides developed by
Les Wiletzky Copyright © 2006 by Pearson Prentice-Hall. All rights reserved
Introduction
Contracts are the basis of many of our daily
activities
They provide the means for individuals and
businesses to sell and otherwise transfer
property, services, and other rights
Without enforceable contracts, commerce
would collapse
Offer
Offeror Offeree
Acceptance
Offeror makes an Offeree has the power
offer to the offeree to accept the offer and
create a contract
1. Agreement 2. Consideration
3. Contractual
4. Lawful Object
Capacity
Proper Dispatch
An acceptance must be properly addressed,
packaged, and posted to fall within the mailbox
rule