Law 2101 Lecture 13: Contract Law Lecture 1
Document Summary
Technical aspects of contract formation: offer &acceptance, mutual agreement of clear &certain terms, consideration, a bargain for exchange of value between the parties. Intention to create legal relations: the parties entering into the contract intend to be legally bound to one another. Include: inclusive terms, outward directed expression, sufficiently certain, objective, time requirements, willingness to be bound. Include what i want but also what you need to do in return: must show that there is meeting on the minds. Outward directed expression: an offer must be a form of communication that would lead a reasonable person to conclude that it was directed to them, has to be open towards that person for that they can accept it. It is a fundamental principle of contract formation that the offer which states the contractual terms must do so with sufficient definitiveness: contracts to agree or to negotiate are not sufficiently certain enough to be enforced.
