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Contract Basics  for  Nonprofits  Google+  Hangout  Outline

I.

What is  it? A. Contract  is  a  legally  enforceable  agreement    between  two  or  more  parBes.  Generally   creates  an  obligaBon  to  perform  or  not  perform  some  acBon  or  purchase/sale  some   goods.  

II.

Why are  they  important A. Evidences  the  parBes  intent  when  entering  the  agreement.   B. Sets  out  and  memorializes  definiBve  terms  of  the  transacBons.   C. Gives  you  something  a  court  can  enforce;  some  teeth.  

III. Contract formaBon A. Offer 1. Shows  a  willingness  to  enter  into  a  bargain  or  contract,  gives  someone  else  the   power  to  accept. B. Acceptance 1. IndicaBon  that  a  party/parBes  agree  to  be  bound  by  terms  of  the  offer  that  is  given   in  the  method  required  by  the  offer  (if  applicable). C. ConsideraBon 1. The  cause,  moBve,  price  or  influence  which  induces  a  contracBng  party  into  a   contract.  EssenBally  anything  of  value.   D. Present  intent  to  be  bound 1. NegoBaBons,  a  statement IV. Forms  of  Agreements   A. WriVen B. Oral/ParBal C. Formal D. Informal V.

Commonly Used  Terms A. Covenant 1. Future  promise;  ongoing  promise  not  to  take  certain  acBons B. RepresentaBon 1. Statement  or  act  another  party  is  expected  to  rely  upon. 2. A  party’s  assurance  as  to  a    parBcular  fact. C. Merchantability D. Non-­‐infringement 1. Doesn’t  infringe  on  a  third  party’s  IP  rights  (copyrights,  patents,  etc.)

VI. Important Concepts  (from  the  Buyer’s  perspecBve) A. ParBes B. DescripBon  of  the  goods  or  services C. Delivery/Bme  and  place  of  performance D. Warranty/Standard  of  performance

Contract Basics for Non-profits Google+ Hangout Outline  
Contract Basics for Non-profits Google+ Hangout Outline  

An Outline of a Google+ Hangout hosted 3/22

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