Institute: ONC | Component: 1 | Unit: 6 | Lecture: b | Slide: 15
Institute:Office of National Coordinator (ONC) Workforce Training Curriculum
Component:Introduction to Health Care and Public Health in the U.S.
Unit:Regulating Health Care
Lecture:Branches of Government and the Configuration of the U.S. Judicial System
Slide content:Contract Law Contract elements Offer Acceptance Consideration: something of value given in exchange for a promise Express contract Written or oral Implied contract 15
Slide notes:In order for a contract to exist, there has to be a definite offer by one party, unconditional acceptance by the other party before the offer terminates, and consideration. Consideration means that something of value will be exchanged; that is, one party will give something of value in exchange for the promises or assurances of the other party. An express contract is one in which the parties clearly and definitely agree to the basic elements of a contract. The contract does not have to be in writing. The parties can agree to the basic elements of a contract verbally. Sometimes, people act in ways that imply agreement. For example, suppose a person goes into a store, requests a certain item, and holds out the required amount of money. If the merchant takes the money and places it in the cash register, it is implied that the merchant has entered into a contract to give the person the requested merchandise. In a situation like this, the parties have what is legally called a contract implied in fact. All of these kinds of contracts are legally binding. The main difference is that the terms of an express, written contract are usually easiest to prove in a court of law. The terms of an implied contract are generally most difficult to prove. 15