LAW 122 Lecture Notes - Lecture 7: Contract, Posting Rule
26 Mar 2017
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Contracts: a contract is a legally enforceable agreement, essential elements of a contract, intention to create legal relations, meeting of the minds (offer and acceptance, exchange of value (consideration, intention of create legal relations. Parties must intend to create legal relations. Families/social presume that there is no intent. Commercial presume that there is intent. Both presumptions are rebuttable (can be refuted/proved wrong: meeting of the minds. Must be a meeting of the minds: shared decision to enter a legal agreement on specific terms and conditions: offer = willingness to contract on stated terms. Offeror: person who makes the offer, master of the offer . Offeree: person who receives the offer, power of acceptance : invitation to treat: an indication of a willingness to receive an offer. Person responding to invitation makes an offer. Person making invitation may then accept the offer: the life of an offer: offer turns into contract by acceptance, but an offer may be terminated before acceptance.
