PowerPoint Presentation on Contracts AIU 
CONTRACTS
Prepared by:
Cleveland Sharpe
American InterContinental University
What is a Contract
A contract is when two or more individuals make an written or oral agreement for legal consideration on a legal subject matter which is bound by law. Elements that Form a Contract
Offer – when a party (offeror) indicates the willingness to enter into an agreement on certain specified terms.
Acceptance – this is when the offeree agrees to the terms of the contract.
Consideration – this is the last thing you need in a contract and this means in the eyes of the law, whenever a bargain is made the bargain or benefit must have some sort of value.
Difference between Express and
Implied Contract
EXPRESS CONTRACT
An express contract is clearly stated and all contract terms are understandable. Both parties should provide valuable consideration and agree on the terms of the contract. This contract can be a oral or written agreement.
IMPLIED CONTRACT
An implied contract is when the agreement isn’t stated clearly either written or orally and therefore the court will determine whether contract exists based on the actions of the two parties.
Unilateral and a Bilateral
Contracts
Unilateral Contract
A unilateral contract is when someone makes an offer and a person who does the deed in which the offer was made is known as the offeree.
(returning lost cat for reward.)
Bilateral Contract
A bilateral contract is when two people makes promises to perform an act.
One person promises to pay and the other person promises to perform the act.
Void Contract
A void contract is a contract that has never met the requirements to become a valid contract according to the law.
Voidable Contract
A voidable contract is a contract where either of the parties of the contract can void if any defects are found.
Examples of Valid Consideration
Cleveland agrees to exchange his headphones to James for his remote control car, is an example of exchanging
personal
Prepared by:
Cleveland Sharpe
American InterContinental University
What is a Contract
A contract is when two or more individuals make an written or oral agreement for legal consideration on a legal subject matter which is bound by law. Elements that Form a Contract
Offer – when a party (offeror) indicates the willingness to enter into an agreement on certain specified terms.
Acceptance – this is when the offeree agrees to the terms of the contract.
Consideration – this is the last thing you need in a contract and this means in the eyes of the law, whenever a bargain is made the bargain or benefit must have some sort of value.
Difference between Express and
Implied Contract
EXPRESS CONTRACT
An express contract is clearly stated and all contract terms are understandable. Both parties should provide valuable consideration and agree on the terms of the contract. This contract can be a oral or written agreement.
IMPLIED CONTRACT
An implied contract is when the agreement isn’t stated clearly either written or orally and therefore the court will determine whether contract exists based on the actions of the two parties.
Unilateral and a Bilateral
Contracts
Unilateral Contract
A unilateral contract is when someone makes an offer and a person who does the deed in which the offer was made is known as the offeree.
(returning lost cat for reward.)
Bilateral Contract
A bilateral contract is when two people makes promises to perform an act.
One person promises to pay and the other person promises to perform the act.
Void Contract
A void contract is a contract that has never met the requirements to become a valid contract according to the law.
Voidable Contract
A voidable contract is a contract where either of the parties of the contract can void if any defects are found.
Examples of Valid Consideration
Cleveland agrees to exchange his headphones to James for his remote control car, is an example of exchanging
personal