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Topic: Business contracts 

Business Education

 Standard 8.  Understands the nature of contract law, law of sales, and consumer law
  Level IV (Grade 9-12)
   Benchmark 2.Knows the characteristics of different kinds of contracts (e.g., express and implied, bilateral and unilateral, oral and written)
    Knowledge/skill statements
     1.Knows the characteristics of express contracts
     2.Knows the characteristics of implied contracts
     3.Knows the characteristics of bilateral contracts
     4.Knows the characteristics of unilateral contracts
     5.Knows the characteristics of oral contracts
     6.Knows the characteristics of written contracts
   Benchmark 3.Understands rules pertaining to the interpretation and enforcement of contracts
    Knowledge/skill statements
     1.Understands the rules pertaining to the interpretation of contracts
     2.Understands the rules pertaining to the enforcement of contracts
   Benchmark 4.Understands how different countries’ laws affect contractual transactions
    Knowledge/skill statements
     1.Understands laws affecting contractual transactions in various countries
 Standard 18.  Understands how ethics, government, and different forms of business ownership affect the entrepreneurial venture
  Level IV (Grade 9-12)
   Benchmark 5.Understands that most of the transactions done in business involve contracts (e.g., oral or written legally enforceable agreements between two or more people), and that contracts contain five basic elements (e.g., agreement, consideration, capacity, legality, mutuality of consent)
    Knowledge/skill statements
     1.Understands most transactions in business involve contracts
     2.Understands oral legally enforceable agreements between two or more people
     3.Understands written legally enforceable agreements between two or more people
     4.Knows that contracts contain five basic elements
     5.Knows that contracts contain agreements
     6.Knows that contracts contain considerations
     7.Knows that contracts contain capacities
     8.Knows that contracts contain legalities
     9.Knows that contracts contain mutualities of consent