Contract law. contract Contract law deals with promises which create legal rights. In most legal systems, a contract is formed when one party makes an. - презентация

1 Contract law

2 contract Contract law deals with promises which create legal rights. In most legal systems, a contract is formed when one party makes an offer that is accepted by the other party.

3 Some legal systems require more, for example that the parties give each other, or promise to give each other, something of value.

4 contract In common law systems, a one-sided promise to do something does not lead to the formation of an enforceable contract, as it lacks consideration.

5 contract When the contract is negotiated, the offer and acceptance must match each other in order for the contract to be binding. i.e. one party must accept exactly what the other party has offered.

6 contract counter-offer is a new offer to the first party which then may be accepted or rejected it may be when the offer and acceptance do not match each other

7 contract Essential terms of the contract are: Price Subject matter

8 contract -may be made in writing or by spoken words. If the parties make a contract by spoken words, it is called an oral contract. -In some jurisdictions, certain special types of contracts must be in writing or they are not valid (e.g. the sell of land).

9 contract -rights and obligations - Rights - something positive which the party wants to get from a contract e.g. the right to payment of money. - Obligations - something which a party has to do or give up to get those rights e.g. the obligation to do work

10 breached the contract When a party does not do what it is required to do under a contract, this party is said to have breached the contract. The other party may file a lawsuit against the breaching party, sometimes called the injured party, may try to get a court to award damages for the breach.

11 breached the contract Damages refers to money which the court orders the breaching party to pay to the non-breaching party in compensation. Other remedies include specific performance, where a court orders the breaching party to perform the contract

12 contract party may transfer its rights under a contract to another party. This is called assignment. When a party assigns its rights under the contract to another party, the assigning party is called the assignor and the party who gets the rights is called assignee.

13 contract