LAW 122 Study Guide - Midterm Guide: False Statement, Transact, Contra Proferentem

• School: Ryerson University
• Department: Law and Business
• Course: LAW 122
• Professor: Stan Benda

Document Summary

Contract a contract is a legally enforceable agreement. Does not have to be in writing if it is a: handshake, phone call, action, half written and oral, emails and conversation. Does have to be in writing: statute of frauds (land), sales of goods, contracts lasting longer than a year, consumer protection legislation. Essential elements (must have all 3 to have a contract) Arises if a reasonable person would believe that the parties intended to create a legally enforceable agreement. Some presumptions in law: families/social presume that there is no intent, commercial presume that there is intent, both presumptions can be disapproved/rebutted, meeting of the minds (offer and acceptance/consensus) Shared decision to enter into a legal agreement on specific terms and conditions. Offer willingness to contract on stated terms: must be communicated through written, oral, or conduct, offeror person who makes the offer, offeree person who receives the offer.