LAWS1100 Study Guide - Midterm Guide: Puffery, Estoppel
Document Summary
Formulation of a contract: agreement: invitation to treat, offer, acceptance, intention to enter a legal relationship, consideration, promissory estoppel, capacity to contract (a minor or a person lacking intellectual capacity- pg. A contract is an agreement between two or more people which is legally enforceable. For an agreement to be legally enforceable, three requirements must be satisfied: A contract does not exist until the negotiations are concluded and an agreement is reached. An agreement is said to exist if it can be shown that one party has made an offer and that another has accepted that offer and communicated their acceptance. A person makes an offer when they express willingness to immediately enter into a contract with the person to whom the offer is directed. An offer can be made in writing, verbally or indicated through conduct. Acceptance: if the offer is accepted, an agreement comes into existence from that moment.
