What is a contract?

hmmm...turn the page and lets 

A contract is an agreement between two or more parties that is legally binding.

legally binding...what does that even mean?!?

Legally Binding means that both parties must obey the contract or they may end up in court!

Believe it or not.....a contract could be as simple as someone offering to mow your lawn for $50 and you accepting.

SO contracts are not always about big businesses making deals; they are an everyday part of our lives.

For an agreement to be considered a contract, it must have five characteristics.

Can you guess what they are?

These five characteristics are:

1) Legality

2) Consideration

3) Agreement

4) Capacity

5) Good Faith

NOW YOUR TASK IS TO FIND OUT WHAT THESE FIVE CHARACTERISTICS MEAN AND EXPLAIN THEM TO YOUR PEERS. 

BYE FOR NOW AND HAVE FUN WITH THIS!