Chapter 4

Coversheet 4 coversheet

PowerPoints (lectures are also on !shared drive) 4_1 Lecture Series and 4_2 Lecture Series

Student workbook pages (SWB) 4 SWB chapter 4

Student Notes 4 notes

Student Resources 4 resource

Chapter Summary Form

Textbook (chapter 4, 5, 6) Textbook unit 2 chapter 4_5_6


4.1 What you’ll learn:

  • Explain the nature and importance of contracts.
  • Identify the elements of a valid contract.
  • Analyze the different classes of contracts
  • Differentiate between express and implied, unilateral and bilateral, and oral and written contracts.

Knowing the elements and characteristics of a contract will help you determine wither an agreement is valid or not.

4.2 What you’ll learn:

  • Explain the requirements of a valid offer
  • Recognize the requirements of an acceptance.
  • Distinguish the differences between an offer, an invitation to negotiate, an acceptance, and a counteroffer.
  • Explain how offers are terminated.

You need to know when an offer has been made and accepted for a contract to go into effect.

4.1 Wrap Up:

Complete the Student Workbook (SWB) pages 32-34

Chapter 4 Summary: Section 4.1 Agreements and Contracts page 94

4.2 Wrap Up:

SWB pages 36-40

Chapter 4 Summary: Section 4.02 How a Contract Begins

Chapter 4 Review and Assessment

Key Points Review #2-17 pages 95-97