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Chapter 17 In Law 12 Textbook

1352 words - 5 pages

Chapter 1717.1-17.21. Explain what makes an agreement a legally enforceable contract.An agreement is a legally enforceable contract when they impose both rights and responsibilities on each party.2. List the five essential elements of a contract.The five essential elements of a contract are: offer and acceptance or a "meeting of the minds," consideration, capacity, genuine consent, and legal purpose.3. What forms can a simple contract take?Simple contracts can be verbal, written, or implied by conduct or performance.4. Distinguish between an express contract and an implied contract, using original examples.Express contract- is one in which all terms and conditions are defined clearly; these are both verbal and written contracts. Ex. The landlord presents Joe with a preprinted lease on the apartment Joe wants and Joe agrees to the terms and signs it.This is an express, written contract.Implied contract- nothing is stated or written precisely. Ex. You go into the college bookstore, pick up a 20 oz. bottle of Pepsi, take it to the cashier, pay for it and walk out of the store without a word being said.5. What is the significance of a seal on a contract?If there is a seal on the contract then it means that both the parties gave serious thought to entering the contract, that both parties are aware of their rights and responsibilities in the contract, and that both fully intend to complete their legal obligations.17.31. In a contract, who is the offeror, and who is the offeree?The offeror is the person making the offer and the offeree is the person accepting the offer.2. Explain the term "meeting of the minds" as it relates to the laws of offer and acceptance.The term "Meeting of the minds" relates to the laws of offer and acceptance when both parties clearly understand their rights and responsibilities in the agreement that is developing between them.3. List four things wrong with the following offer: "I offer to sell you one of my water color paintings at a fair price on generous terms with a quick delivery."First, there is no specific item, no price specific price, or terms given, and what does a quick delivery mean?4. What laws exist to protect consumers against false or misleading advertising?The laws that exist to protect consumers against false or misleading advertising are B.C's Trade Practices Act, Alberta's Unfair Trade Practice Act, Ontario's Business Practices Act, and the four Atlantic provinces' Direct Sellers Act.5. Why must an offer be communicated before the offer may be accepted?It is important to know when the offeree is aware of the offer because it is not valid until it is received.6. If Louise returns a lost watch to its owner, is she legally entitled to the reward being offered if Louise did not see the reward notice until after she returned the watch? Explain.No, you would not be entitled to the reward. The offer of the reward must be communicated to you before. You returned the watch without intending to create a contract.7....

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