LAW 1000 Lecture Notes - Lecture 5: Posting Rule, Dementia, Estoppel
Document Summary
Legal capacity to enter contract: the participants have the capacity legal capability of entering an agreement. Ex: people don"t have legal capacity: minors, mentally incompetent and intoxicated ppl. Legality of the deal: the purpose must be neither criminal nor against the public good. Consensus on terms: must be complete agreement among the participants. Intention to enter contract: purpose must be legally enforceable will result from the agreement. Consideration: the price paid for a promise, sth or value promised or paid that is taken to indicate that a person has considered the agreement and consents to be bound by it: oral and written: Verbal and oral contracts are completely valid in most situations. The problem: if there is no permanent record of the terms the parties agreed to, dispute can develop. But it is a good idea to put any important contract in writing. A good rule to follow is: if a contract is of any significant, put it in writing.
