Introduction Read the overview below and complete the activities that follow. Fundamentals of Contract Law Understanding the basics of contract law is the goal of Chapter 9, and this activity is designed to cover those basics. Consider this scenario: You know how to fix cars, and you desire to make some money. Your friend wishes to have her car fixed. You and your friend negotiate terms of a deal. You promise to fix her car, and your friend promises to give you $100 for your services. You make this agreement - offer and acceptance - freely. It is not against the law or public policy. You are both adults with the ability to confer and assume legal rights. The agreement is not written down, but you do shake hands and agree to complete the transaction on Saturday morning. Do these promises constitute a legally enforceable contract? CONCEPT REVIEW: Contracts lie at the heart of many of our social interactions and certainly are central to many business dealings. Contracts are legally enforceable promises. To qualify as a contract, the promises, supported by consideration, must create a voluntary agreement (between parties who have capacity) to do something that is legal. In some circumstances the promises must be written. Roll over each box to reveal aspects of the contractual agreement. Then drag each box to the appropriate column. No law or public policy prevents this deal You promise to fix car; Friend promises $100 pay You are both adults Agreement entered into freely Consideration Voluntary Capacity Legality Introduction Read the overview below and complete the activities that follow. Fundamentals of Contract Law Understanding the basics of contract law is the goal of Chapter 9, and this activity is designed to cover those basics. Consider this scenario: You know how to fix cars, and you desire to make some money. Your friend wishes to have her car fixed. You and your friend negotiate terms of a deal. You promise to fix her car, and your friend promises to give you $100 for your services. You make this agreement - offer and acceptance - freely. It is not against the law or public policy. You are both adults with the ability to confer and assume legal rights. The agreement is not written down, but you do shake hands and agree to complete the transaction on Saturday morning. Do these promises constitute a legally enforceable contract? CONCEPT REVIEW: Contracts lie at the heart of many of our social interactions and certainly are central to many business dealings. Contracts are legally enforceable promises. To qualify as a contract, the promises, supported by consideration, must create a voluntary agreement (between parties who have capacity) to do something that is legal. In some circumstances the promises must be written. Roll over each box to reveal aspects of the contractual agreement. Then drag each box to the appropriate column. No law or public policy prevents this deal You promise to fix car; Friend promises $100 pay You are both adults Agreement entered into freely Consideration Voluntary Capacity Legality