LAW 122 Chapter Notes - Chapter 7-8: Posting Rule
25 Feb 2016
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Document Summary
Elements of a contract: - intention to create legal relations. Meeting of the minds (offer and acceptance) Exchange of value (consideration: intention to create legal relations: Parties must intend to create legal relations. Objective test: what would a reasonable person believe at time when contract was formed. General rule: there is a presumption - of intent in commercial dealings. Against intent in social and family context: meeting of the minds (=shared decision to enter into a legal transaction), you must prove, offer of terms, acceptance of terms. Offer- offer= willingness to contract on stated terms. Offer must be communicated (written document, oral statement, conduct) Risk of contract creation through acceptance: managing risk: invitation to treat. Person responding to invitation makes an offer. Person making invitation may then accept the offer. Shelf display; advertisements; catalogs: the offer still exists. Revocation, lapse of time, rejection, counter offer, death/insanity.
