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LO1: Understand the essentialLO1: Understand the essential
elements of a valid contract inelements of a valid contract in
a Business Contexta Business Context
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Essential Elements of a valid contractEssential Elements of a valid contract
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Outcomes and assessment criteriaOutcomes and assessment criteria
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What is aWhat is a contractcontract
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Void ContractVoid Contract
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Validity FactorsValidity Factors
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Privity of ContractPrivity of Contract
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Conditions, warranties & Innominate termsConditions, warranties & Innominate terms
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3. Validity factor3. Validity factor
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Contract by deedContract by deed
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Contracts which must be in writingContracts which must be in writing
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4. Offer4. Offer
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4.2 4.2
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4.3 A 4.3 A
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4.4 4.4
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AcceptanceAcceptance
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5.2 A C5.2 A C
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5.6 C 5.6 C
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Electronic ContractsElectronic Contracts FF
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Chapter Roundup DiscussionChapter Roundup Discussion
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Chapter 5: ConsiderationChapter 5: Consideration
DefinitionPrivity of
Contract
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Consideration
Waiver ofexisting rights
Adequacy andsufficiency
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Cha ter 5: ConsiderationCha ter 5: Consideration
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IntroductionIntroduction
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1. Consideration1. Consideration
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2. Adequacy and sufficiency of consideration2. Adequacy and sufficiency of consideration
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Activit 2: Which of the followin isActivit 2: Which of the followin is
true of consideration?true of consideration?-- Page 87Page 87
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3. Privity of contract3. Privity of contract
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