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• Offer (oferta)
• Acceptance (aceptación)
• Consideration (consideración)
• Mutuality (mutualidad)
• Capacity (capacidad)
• Legally acceptable terms (términos
legalmente aceptables)
Example:
• Offer – I will buy your bike for
$20
• Acceptance – Okay
• Mutual Agreement – both
parties agree to everything
about the contract.
• Consideration – something of
value is exchanged
Element of contract
• Offer: money and another thing of value in exchange for
performance. An offer is a promise made by the offeror
• The offeror is the person making the offer.
• The offeree is the person who accepts.
• Acceptance: Is the agreement of the other party in the offer
presented
• Consideration: The mutual (on both sides) exchange of
something in value.
Example: a salesman sells a product for cash.
• Mutuality: The intent of both parties to carry out their promise
• Capacity: legal ability to enter into a contract. Capacity of the
parties in terms of age and mental ability
• Legally acceptable terms: Legally enforceable terms and
conditions, also called object of the contract.
• OFFER that details exactly what will be provided
• ACCEPTANCE, or the agreement by the other party to the offer presented
• GENUINE AGREEMENT (intent of both parties to carry out their promise)
• CONSIDERATION, or the money or something of value being exchanged
between the parties
• CAPACITY of the parties in terms of age and mental ability
• LEGALITY (The object of the contract is legal and not against public policy
or in violation of law)
Identifies contract elements
• Richard says to Charles, “I’ll sell
you my car for $6000 ".
____________
Charles replies, “I
agree“,_______________
• When A offers to sell his car to B
for $5 0000, there is an
obligation on A to sell and on B
to buy the car at the stipulated
price. Such an agreement is
therefore, enforceable by law
Structure of the contract
(Tomada, con alguna modificación, de Fabra y Castillo, 1991).
(Tomada, con adaptación, de Borja,
En la ciudad de …., día, mes y año.
1998).
REUNIDOS:
1. Commencement (Introducción) De una parte, Don ….., mayor de edad, casado, con domicilio en …. y
provisto de N.I.F. ……, en lo sucesivo vendedor.
2. Recitals/Preamble (Relación de
hechos) Y de otra, Don …., en lo sucesivo comprador [referenciar las mismas
circunstancias personales que en el apartado anterior referidas al
WHEREAS… otro contratante).
INTERVIENEN:
WHEREAS….
Ambas partes intervienen en su propio nombre y derecho, se
[…] reconocen mutua capacidad de obrar y obligarse y a tal efecto,
EXPONEN:
AND WHEREAS
QUE …
Now therefore, this Agreement QUE…
witnesseth that…/Now it is hereby
[…]
agreed as follows…
QUE…, por lo que ambas partes otorgan el presente CONTRATO
DE COMPRAVENTA con sujeción a las siguientes
Structure of the contract
3. Operative part (Sección efectiva) ESTIPULACIONES (CLÁUSULAS,
Article 1. Title: … CONDICIONES…):
• PRIMERA.
Article 2. Title: …
• SEGUNDA.
• Definitions (definiciones)
• […]
• Conditions precedent (condiciones previas)
• ENÉSIMA.
• Other operative provisions (otras cláusulas
operativas) Y en prueba de conformidad y
• Boiler plate (miscelánea) aceptación, firman el presente por
duplicado
4. Testimonium clause (Fórmula de conclusión)
In witness whereof, the parties… ejemplar en el lugar y fecha al principio
indicados (indicados ut supra).
5. Signatures (Firma)
6. Schedules/Annexes/ Exhibits (Anexos)
Firmado: …… Firmado: ……
TYPES OF CONTRACT
• Express (Express contract is a contract in
which the terms of the contract are stated
verbally, either orally or in writing)
• Implied (An implied contract is one which is
inferred from the act or conduct of the
parties or course of dealings between them.)
• Implied in fact
• Implied in law contract or quasi contract
• Bilateral (In a bilateral contract both of the
parties involved promise to carry out certain
things)
• Unilateral (A Unilateral contract is a
contract in which one of the party
(offeror) demands performance from
the other party (offeree), instead of a
promise. Since the offeree makes no
promise, he can not be sued for
abandoning or failing to carry out his
act; only the offeror is bound by the law
and, therefore, this is a single-sided
contract
• Void contract: is an agreement to do
illegal things or it hasn´t legal elements.
• Voidable Contracts: A contract is
voidable if one of the parties has the
option to abort the contract.
Types of implied contract
• Implied in fact: A contract in which an • Implicado de un hecho: un contrato en
agreement is seemingly intended el cual un acuerdo se piensa al parecer
among the parties involved, but not entre las partes implicadas, pero no
particularly verbally (in writing). particularmente verbalmente (por
escrito).
• Contrato implícito en la ley: esto
• Implied-In-Law Contract: This is also también se conoce como cuasi-contrato.
known as a Quasi-Contract. It isn’t En realidad no es un contrato; más bien,
actually a contract; rather, it is a way es una manera para que los tribunales
for the courts to rectify situations in corrijan las situaciones en las que un
which one party would be unfairly partido sería injustamente enriquecido,
enriched, were they not obliged to si no estuvieran obligados a indemnizar
compensate the other party. a la otra parte
Examples of the contracts
Unilateral (Only one party to the Bilateral (Both parties to the contract
contract makes a promise.) make promises to one another)
• example: Joe promises Matt that he • example: I promise to pay the car
will pay him $100 if Matt finds his wash $15 in exchange for the car
dog. Joe's performance of the wash's promise to clean my car.
contract depends on what Matt
does. If he finds the dog, Joe must
pay him.
Express contract
Examples: • A wrote a letter to B stating
“offer to sell my car for Rs.
30000 to you”, B accepts the
Implied contract
offer by letter sent to A. This is
• A enters a hotel, takes coffee an express contract.
and pays the bill. Here, offer and
acceptance are inferred from the
conduct of the parties. In the
same way, where a person
enterns a public bus, or obtains a
ticket from an automatic teller
machines there is an implied
contract.
Examples: Implied contract
• A stops a taxi by waving his hand
Express contract and boards it. There is an
• A says to B “will you purchase implied contract that A will pay
my bike for 20 000?” B says the prescribed fare on reaching
“yes” to A. his destination. Withdrawal of
cash from the ATM of the bank.
Examples
Voidable contract Valid contract
• X agrees to sell and deliver 10 bags • X offer to marry Y. Y accepts X´s offer.
of wheat to Y for Rs. 25 000 within This is a valid contract
on week. But X doesn´t supply to Void contract
wheat within the specified time.
The contract becomes voidable • X offers to marry Y. Y accepts X´s offer.
contract. Later on Y diez. This contract was valid
at the time of its creation or
formations but now became void due
to the death of Y.
Don´t forget!!!
• Express contract: stated in words and may
be either oral or written.
• Implied contract: contract that comes
about from the actions of the parties.
• Bilateral contract: contains two promises
one bye each person
• Unilateral contract: contains one promise
only
Activity in class
• Read it carefully. Then look in
the contract for some of those
terms defined and pay attention
to how they are used.
• Look the contract and search the
false cognates
• Portada • Portada : titulo del contrato, la fecha
en la que se celebra, nombres de las
• Indice partes, la condición en la que
• Encabezado interviene cada uno de ellas, en
algunos casos el nombre del despacho
• Preámbulo
• Indice: table of contents
• Clausulado • Encabezado: fecha, lugar de
• Cierre o conclusión celebración del contrato, la relación
de las partes que intervienen en el y
• firmas la condición de cada una “THIS
AGREEMENT is dated () 2019 and
made in (London) between”
• Preambulo: o recitals, Preamble, • Definitions
Whereas (una exposición mas o • Representations and Warranties
menos breve de los antecedentes (declaraciones y garantías
del contrato y de los firmarlo, así
como sus intereses y objetivos • Entire Agreement: acuerdo
respectivos; aquí exponen los completo)
motivos que tienen para celebrar • Material adverse change
el contrato) (cambio sustancial adverso),
• Clausulado: se suele dividir en Confidentiality (confidencialidad)
artículos articles o clausulas
clauses.
• Conclusión o cierre: todos los
acuerdos a los que se ha llegado
• In WITNESS WHEREOF, the
parties hereby sign this
agreement in the date and place
first above written.
• Firmas (signature block)
• Anexos: annex, appendix, exhibit
o Schedule