Chapter 12 NATURE AND CLASSES OF CONTRACTS: CONTRACTING ON THE INTERNET

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Chapter 12NATURE AND CLASSES OF CONTRACTS
CONTRACTING ON THE INTERNET
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Definition of Contract

• A contract is a binding agreement between two or
  more parties.
• A contract arises when an offer is accepted with
  contractual intent (the intent to make a binding
  agreement) and the acceptance is communicated
  properly.

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Parties to a Contract
Parties may be individuals, partnerships,
corporations, governments
Examples
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Elements of a Contract

• Elements of a contract
• an agreement
• between competent parties
• based on genuine assent of the parties
• supported by consideration
• made for a lawful objective
• in the form required by law if any

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Classes of Contracts
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Classes of Contracts
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Classes of Contracts
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Contract Example
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Other Types of Contracts

• Option Contract gives one party the right to
  enter into a second contract at a later time.
  Also, a contract to hold an offer to make a
  contract for a fixed period of time.
• Right of First Refusal obligates the offeror to
  make the offer to the person holding this right
  first.

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Quasi Contracts

• In certain situations, the law regards it as
  unjust for a person to receive a benefit and not
  pay for it.
• In such a case, the law of quasi contracts allows
  the performing person to recover the reasonable
  value of the benefit conferred on the benefited
  person even though no contract between them
  requires any payment.