LAW 122 Chapter Notes - Chapter 7: Posting Rule, Contract, Legal Translation
6 Sep 2016
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Contract: an agreement that contains legally enforceable rights and obligations. Meeting of the minds: is a shared decision to enter int a legal translation on a particular basis exchange of values (compensation, occurs when the parties each give up something. 3 important steps/elements for every contract: the parties must have an intention to create legal relations, they must reach a mutual agreement through the process of offer and acceptance, they must enter into a bargain by each consideration. Offer: is an indication of a willingness to enter into a contract on certain terms. Offeror: is a party who offers to enter into a contract. Offeree: is a party who receives an offer to enter into a contract. 9/6/16: is an indication of a willingness to receive an offer. An invitation for others to make offers. then you become and offeree and the other person becomes an offeror.
