Lesson Notes By Weeks and Term - Senior Secondary School 3

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  4. Contract I

Term: 1st Term

Week: 2

Class: Senior Secondary School 3

Age: 17 years

Duration: 40 minutes of 2 periods each

Date:       

Subject:    Commerce

Topic:-      Contract I

SPECIFIC OBJECTIVES: At the end of the lesson, pupils should be able to

  1. Explain the meaning of contract
  2. State the parties to a contract
  3. Discuss the classes of the law of contract
  4. State the essential element of a valid contract

INSTRUCTIONAL TECHNIQUES: Identification, explanation, questions and answers, demonstration, videos from source

INSTRUCTIONAL MATERIALS: Videos, loud speaker, textbook, pictures

INSTRUCTIONAL PROCEDURES

PERIOD 1-2

PRESENTATION

TEACHER’S ACTIVITY

STUDENT’S ACTIVITY

STEP 1

INTRODUCTION

The teacher reviews the previous lesson on business law

Students pay attention

STEP 2

EXPLANATION

She explains the meaning of contract

She states the parties to a contract

 

Students pay attention and participates

STEP 3

DEMONSTRATION

She further discusses the classification of the law of contract

She discusses the essential elements of a valid contract

Students pay attention and participate

STEP 4

NOTE TAKING

The teacher writes a summarized note on the board

The students copy the note in their books

 

NOTE

LAW OF CONTRACT

Contract simple means an agreement between parties, creating mutual obligations that are enforceable by law

 

PARTIES TO A CONTRACT

  1. Vendor and vendee
  2. Landlord and tenant
  3. Insurer and insured
  4. Bank and customer

 

ESSENTIAL ELEMENTS OF A VALID CONTRACT

  1. Offer

It is a promise by one party to enter into a bargain contingent on the

performance of another party.

  1. Acceptance

Acceptance is the agreement to the specific conditions of an offer.

  1. Consideration

Consideration is what each party to the contract gives up, or promises to

do, to form the contract. It can be something of value, such as money,

goods, services, or property.

  1. Intention to create legal relations

To be legally binding, a contract must show an intention to create legal

relations. This can be shown by the use of formal language, such as “I

agree to…” or “This contract is binding on the parties”.

  1. Authority and capacity

Contract law judges the circumstances for a party to contract. Each party to

the contract must have the legal capacity to enter into the mutual assent.

This indicates that they must be of legal age and have the mental capacity

to understand the terms of the contract.

  1. Certainty

To be enforceable, a contract must include certain terms, and the ability to

fulfill the essential terms of an agreement must be guaranteed. These

terms must be clear and unambiguous.

CLASSIFICATION OF CONTRACTS

  1. Contracts may be classified according to their legal effects as

(i) valid contract

(ii) void contract

(iii) voidable contract

(iv) unenforceable contract

(V) illegal contract.

  1. Contracts may be classified according to their performances as

(i) Unilateral contract

(ii) Bilateral contract

(iii) Executed contract

(iv) Executory contract.

  1. Contracts may be classified on the basis of their formation as

(i) Express Contract

(ii) Tacit contract

(iii) Quasi or implied contract.

EVALUATION:   1. Define contract

  1. Discuss the parties to a contract
  2. State the essential elements of a contract
  3. Outline the classes of contract

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively