Sample
Summaries after sample
, What makes a contract legal? Employment contract
• Contractual capacity requires the person to be of • Agreement between an employee and an employer
legal age and of sound mind. where the employer promises to pay the employee for
• Contracts must be reasonable and understandable. specific work that they promise to do.
• Parties must agree on rights and responsibilities. • Includes – name, address, position of employee, tasks,
• Contracts shouldn't be made for illegal reasons or be remuneration, leave, notice period and any other issues.
forced onto people.
• Contracts must be physically feasible. •
• Some oral agreements can be enforced by law.
• Most contracts must be in writing to be considered
legal.
Insurance contract
• Agreement between the business (insured) and an
• T4: insurance company (insurer).
Sample
•
•
Breach of contract
Contract mistakes - incorrect dates and spelling errors.
Forced signing without agreement to conditions.
Contracts •
•
Life/long-term insurance - ensures the financial loss
of important business people.
Short-term insurance - covers loss of assets due to
accidents, damages, or crime.
Summaries after sample
•
•
•
Uncertainty about party requirements and responsibilities.
Physically impossible requirements and responsibilities.
Lying or withholding important information.
•
Lease agreement
• • A contract where one business (lessor) leases goods
to another (lessee).
• The lessee pays the lessor a specific sum in monthly
instalments.
•
Rental agreement Hire purchase agreement
• Drawn up when a business (tenant) can’t afford to • A business (seller) sells goods to another (buyer)
buy its own land/building and have to rent premises and allows them to take the goods immediately and
from someone else (landlord). pay later.
• •
GR10 BS T3-T4 Mind Map Via Afrika Copyright © www.summariessa.co.za (DO NOT COPY)
,Sample
Summaries after sample
Summaries after sample
, What makes a contract legal? Employment contract
• Contractual capacity requires the person to be of • Agreement between an employee and an employer
legal age and of sound mind. where the employer promises to pay the employee for
• Contracts must be reasonable and understandable. specific work that they promise to do.
• Parties must agree on rights and responsibilities. • Includes – name, address, position of employee, tasks,
• Contracts shouldn't be made for illegal reasons or be remuneration, leave, notice period and any other issues.
forced onto people.
• Contracts must be physically feasible. •
• Some oral agreements can be enforced by law.
• Most contracts must be in writing to be considered
legal.
Insurance contract
• Agreement between the business (insured) and an
• T4: insurance company (insurer).
Sample
•
•
Breach of contract
Contract mistakes - incorrect dates and spelling errors.
Forced signing without agreement to conditions.
Contracts •
•
Life/long-term insurance - ensures the financial loss
of important business people.
Short-term insurance - covers loss of assets due to
accidents, damages, or crime.
Summaries after sample
•
•
•
Uncertainty about party requirements and responsibilities.
Physically impossible requirements and responsibilities.
Lying or withholding important information.
•
Lease agreement
• • A contract where one business (lessor) leases goods
to another (lessee).
• The lessee pays the lessor a specific sum in monthly
instalments.
•
Rental agreement Hire purchase agreement
• Drawn up when a business (tenant) can’t afford to • A business (seller) sells goods to another (buyer)
buy its own land/building and have to rent premises and allows them to take the goods immediately and
from someone else (landlord). pay later.
• •
GR10 BS T3-T4 Mind Map Via Afrika Copyright © www.summariessa.co.za (DO NOT COPY)
,Sample
Summaries after sample
