LAW 1101 Lecture 10: Chapter 10 law 1101
Document Summary
The value given in return for a promise or performance in a contractual agreement. Intent: a serious, objective intention by offeror (a future intent, is not a future offer: definitiveness: terms of the offer must be reasonable certain so that the parties and the court can ascertain the terms of the contract. A contract must include the following terms, either expressed in the contract or capable of being reasonably implied from it: Identification of the subject matter of the contract, including work to be performed and specification of items such as goods, services or land. Time of payment, delivery or performance: communication: offer must be communicated to offeree. Legally sufficient- consideration must be something of value in the eyes of the law. For a contract to be valid and binding, consideration must be given, and. That consideration must be something of legally sufficient value.
