Making a Contract

Making a Contract

  • Submitted By: xxmavisxx
  • Date Submitted: 03/09/2012 6:11 PM
  • Category: Business
  • Words: 3678
  • Page: 15
  • Views: 1

Topic revision notes

Topic 5 – Making a contract and the Four Step Process

(Incorporating material from the tutorial Making a contract and the seminar)

The purpose of these revision notes is not to duplicate material already provided, but to assist with the focus of your study for revision purposes.

| |Completed tasks |
|[pic] |By now you should have: |
| |Read chapter 6 of the Source Book |
| |Attended at, or listened to the seminar on iLecture; and |
| |Completed the computer based tutorial Making a contract. |

Learning outcomes

After completing this topic, you should be able to:

• distinguish the processes of negotiation and reaching agreement

• illustrate the importance of legally enforceable agreements

• explain the nature of contractual obligations

• explain limitations on contractual capacity

• explain the doctrine of privity

• understand how and when contractual obligations arise

• identify the essential elements of contract formation: agreement, intention to be bound and either formal execution or exchange of consideration

• understand the four-step process.

The 4-step process was explained and applied in this week’s seminar. Students have the opportunity to practice answers and receive feedback from the teaching staff as detailed in the Instruction sheet for the Four Step Test located on Blackboard under “Assessment”.

| |Focus questions...

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