Principles of Business

Introduction

Today we will be learning about contracts. Contracts are legally binding agreements between two or more persons.it is enforceble by law. it is important to note that there are differnt types of contracts. Contracts also have some characteristics that will be discussed.

Task

1. open a tab and search for the differnt types of contracts there are. Be sure to write the definitions.

2. What are some characteristics of a contract? Found them? Great lets share them!

Process

Two most common types of contracts are:

1. Simple- can be written or oral

2. Speciality - Signed, sealed and delivered. This contract is normally written  

 

Characteristics of a contract- click the link below. Be sure to write your own notes

https://www.slideshare.net/ry_moore/contracts-cxc-csec

 

Evaluation

Based on what you have learnt about contracts. Draw up a speciality contract showing at least 5 characteristics of a contract.

Do this in pairs!

 

PLEASE SUBMIT ONTIME WHICH IS BY 4PM THIS EVENING!

 

Conclusion

Based on what was learnt today we can say contracts are very important to business. A lot of business enter into contracts on a daily basis and is expected to honour those contracts. Even us as individuals enter into contracts on a daily basis whether it is simple or specialty.

 

Take the time out and tell someone about something you learnt about contracts today!