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What are Contracts?

create legal rights we didn't have before; hold society together and therefore lawyers and judges love them

What are the three main elements of a contract?

Mutual Assent
Consideration
No Contract Defenses

What is Mutual Assent?

offer acceptance or meeting of the minds; in marriage when both parties recognize they are there to get married and want to get marrie "we are gathered here today"

What is Consideration?

Each side has to give something or give up something; vows

What is No Contract Defenses?

contracts can't appear where you don't really expect them, and reason why the contract should not be a valid agreement; "Does anyone present feel these two should not be married?"

What are the three Online Contracts?

B2B
B2C
C2C
Involve a transaction involving an electronic charge (EDI)

What is B2B

Business to business; Wal Marts satellite system

What is B2C?

Business to Consumer; amazon

What is C2C?

Consumer to Consumer; Ebay

What is a Bilateral Contract?

promises in exchange for another promise; most contracts are bilateral; employee contracts

What is a Unilateral Contract?

promise on one side in exchange for an action or act on the other side; EX: reward for a lost dog sign put up by your neighbor, Once you start looking for the dog (the action) the contract is set. THe neighbor doesn't want your promise and they dont care who finds their dog or who they pay the money to. You are allowed to finish it once you start, even if they take the sign down. So, when you bring home the lost dog they have to pay you, even if they don't want it anymore.

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