LAWS 2202 Lecture Notes - Lecture 6: Posting Rule, Fax, Ideal Type
21 Feb 2016
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Week 6 - contract law 2 (oct 16th): Mutual consent (offer and acceptance): parties to a contract must both agree to the terms and conditions set out in the agreement; either through explicit acceptance or action. Capacity: in order to be able o provide consent, a party must be legally capable of such consent. Significant mental illness, developmental issues, and age can all be factors in determining capacity. Purposeful character: a contract should denote a clear and discoverable bargain, it must have an objective or purpose. Typically this is understood in terms of the exchange of items or actions of value. Exchange: the exchange of value (consideration) not necessarily equal but parallel". Additionally, if this were the case, did the acceptance need to be communicated explicitly to the offeror in accordance with the general rule. Broader implications: the case established precedent for unilateral contracts. An offer is an essential element of a legally binding contract.
