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  • What Do You Know?: Contracts

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    A contract is a legally binding agreement between two or more parties that defines their obligations. Common situations where contracts are used include opening a bank account, renting property, taking out loans, or starting a new job. For a contract to be valid, there must be a clear meeting of the parties' minds and all individuals involved must be legally competent to sign. Some types of contracts workers may encounter include employment agreements, building contracts, and warranties for installed products. It is important to carefully read any contract before signing to fully understand the agreement.

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    what do you know about contracts?

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    About Contracts

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    A contract is a legally binding agreement between two or more parties that defines their obligations. Common situations where contracts are used include opening a bank account, renting property, taking out loans, or starting a new job. For a contract to be valid, there must be a clear meeting of the parties' minds and all individuals involved must be legally competent to sign. Some types of contracts workers may encounter include employment agreements, building contracts, and warranties for installed products. It is important to carefully read any contract before signing to fully understand the agreement.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pptx, pdf, or txt
    31 views7 pages

    What Do You Know?: Contracts

    Uploaded by

    gastechnician.ca
    A contract is a legally binding agreement between two or more parties that defines their obligations. Common situations where contracts are used include opening a bank account, renting property, taking out loans, or starting a new job. For a contract to be valid, there must be a clear meeting of the parties' minds and all individuals involved must be legally competent to sign. Some types of contracts workers may encounter include employment agreements, building contracts, and warranties for installed products. It is important to carefully read any contract before signing to fully understand the agreement.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pptx, pdf, or txt
    of 7

    What do you know?

    Contracts
    What is a contract?

     An agreement defining the obligations


    between two or more parties
     Can be written or unwritten
     Intended to be enforceable by law
     Provincial / territorial jurisdiction
    When might you be asked to enter into a
    contract? When…

     Setting up a bank account


     Acquiring a credit card
     Taking out a student loan
     Signing a lease for an apartment
     Assuming a mortgage
     Renting a DVD, car, tools or equipment
     Joining a health and fitness club
    When…

     Starting a job
     Getting married
     Using software
     Printing digital pictures at a kiosk
     Entering ACSIS
     [End User’s License Agreements]
    What should be established before a
    contract is signed?
     That there is a ‘meeting of minds’
     Legal competence
     Minors cannot sign contracts without the
    signature of parents or guardians
     Individuals who are not of sound mind
    usually cannot enter into contracts
    What types of contracts might you
    encounter in your trade?
     Employment contracts
     Building contracts (HRAC contractors might
    be listed as sub-contractors – by company
    name)
     Warranties on parts and products you
    install, repair or replace
    Before signing…

     Read the contract carefully


     Don’t agree to it unless you are sure you
    understand it completely
     When possible, have a lawyer review the
    document and advise you of your rights

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