LAW 122 Lecture Notes - Lecture 6: Posting Rule, Contract
23 Mar 2016
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Offer: indication of a willingness to enter into a contract on certain terms, offer must be communicated. Conduct: offer: person who makes the offer, offeree: person who receives the offer. Acceptance: occurs when an offeree agrees to enter into the contract proposed by the offeror, effect the contract is created immediately upon acceptance. Consideration: a contract involves a mutual exchange of value, law will not enforce gratuitous promises (promises given for free) Who can sue and be sued under a contract. Contract: is a legally enforceable agreement, the contract is a sort of binding obligation, and if not fulfilled one could be sued or pay the consequences. If the parties are fighting about whether or not a contract exists, then the broad issue is contract formation. Rule: parties must intend to create legal relations. Families/social: presume that there is no intent. Both presumptions are rebuttable; can be refuted/proved wrong.
