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UNIT 5. Contracts.
:
1. What is a contract.?
2. Have you ever entered into a contract?
3. Decide on items that you think should be included in a contract. Don`t worry about the exact terminology yet.
4. Do you think contracts should be written in plain language so that everybody could get the point or should be comprehended only by legal professionals?
Contract is a legally enforceable agreement between two (or more) parties.
How Is a Contract Formed
Before a contract can be formed, there must be both an offer and an acceptance of that other. Sound simple? It`s not; lawyers everywhere have earned millions of dollars in fees arguing just whether or not a valid contract existed.
In common law, contracts are formed in the following manner.
1. an offer in made by a person or corporation normally referred to as an offeror;
2. the offer is then accepted (acceptance) by a person or corporation normally reffered to as an offered.
Let`s reduce what we`ve learned about contracts to a formula:
Offer + acceptance = bona fide (valid) contract
If the parties are (a) competent, (b) mutually agree and obligate themselves regarding a specific subject, and (c) there is legal consideration
The contract is binding (legally enforceable) if only there are these four elements:
1. competent parties;
2. legal subject matter;
3. legal consideration;
4. mutuality of agreement; and
5. mutuality of obligation.
The absence of any of these elements may render (make) a contract unenforced
1.
BILL OF SALE
Dated:
__________________, referred to as SELLAR, sells, bargains and conveys all of SELLER`S rights, title and interest in:
Make: _________________
Model: _________________
Style of the vehicle:__________
Year of vehicle:_____________
Vehicle Identification Number (VIN)____________
to _______________________, referred to as BUYER, his heirs and assigns.
________________________acknowledges receipt of a total of $____________
(____________________________________________________ & no/100 Dollars) from _____________
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BUYER, in partial payment6 of the agreed total sales price of $ ___________________________________,
(_________________________________________ & no/100 Dollars).
________________________________, SELLER, shall remain fully liable for any undisclosed liens or encumbrances. SELLER, ________________, warrants that there are no liens or encumbrances on the goods sold, and that _______________`s title to the goods is clear and merchantable. _____________SELLER, shall defend ___________ from any advance claims to SELLER`s title to the goods sold.
The ggods sold herein are not sold by a merchant in the field. THESE GOODS ARE SOLD WITHOUT U.C.C. WARRANTY OF ANY KIND, including MERCHANTABILITY AND FITNESS FOR A PARTICULAR, PURPOSE. The BUYER, ___________________, acknowledges examining the goods sold herein. The provision may be applicable, and legal rights may say between states.
The parties agree to the terms and conditions stated herein:
_____________________, SELLER (signature)
_____________(typed name)
_____________________, BUYER (signature)
_____________(typed name)
2
, . .
competent parties ____________________
subject matter ______________________
legal consideration __________________
mutuality of agreement and obligation__________
- -. , , (recitals or exordium)
(consideration)
(remuneration or payment)
(legal relief)
(arbitration)
(effective date)
(miscellaneous terms)
(amendments)
