B LAW301 Chapter Notes - Chapter 7: Cheeseburger, Reasonable Person, Posting Rule
14 Nov 2017
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Chapter 7 the nature and creation of contracts. Contract: an agreement that contains legally enforceable rights and obligations. You become a party to the contract when you enter into one of these agreements. Meeting of the minds: shared decision to enter into a legal transaction on a particular basis. Exchange of values: occurs when each party gives up something. A contractual relationship can continue even after there has been an exchange of values. You can reserve the rights and obligations after the exchange. 3 important steps/elements of contracts: parties must have the intention to create legal relations, mutual agreement through offer and acceptance, enter into bargain by giving consideration. Usually this intention is presumed in commercial contexts rather than between friends or family members. Subject to further negation or subject to formal contract. Here the parties could have entered into contract.
