LAW 122 Chapter Notes - Chapter 7: Fax, Contract
26 Mar 2017
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We define contract as a legally enforceable agreement. promises and contracts o o a simple promise is not legally enforceable a contractual promise is legally enforceable. 1. intention to create legal relations: meeting of the minds (offer and acceptance) Every contract requires a meeting of the minds. parties must mutually agree to terms o o one party proposes terms through an offer other party agree to terms through an acceptance. We define an offer as willingness to act on certain terms. The offeror is the master of the offer. We must learn to distinguish between an offer and an invitation to treat. The problem is that a contract is created as soon as offer is accepted. So if an offeror receives multiple acceptances, there could be multiple contracts created when the offeror can only enter one contract. We need a mechanism to reduce risk of liability. We define an invitation to treat as a willingness to receive offer.
