LAW 122 Study Guide - Final Guide: Contract, Objective Test, Tonne
2 Apr 2017
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Contracts (ch 7 and 8) (chapters 7 to 12 all cover the different factors of contracts) Who can sue and be sued under a contract. If contracts are not fulfilled than there are consequences. For eg. buy a coffee, textbook. Contract law is important: foundation for business transactions. 1: meeting of the minds (offer and acceptance, exchange of value (consideration) Suppose that an acquaintance has agreed to purchase your bike. The two of you have agreed to a price () and to a delivery date (next wednesday). Yes an oral agreement is a valid contract. Therefore in general, contracts does not need to be in writing to be legally enforceable: intention to create legal relations. Rule: parties must intend to create legal relations. Courts protect reasonable intentions and expectations of the parties. People should be able to rely on outward appearances and not what one is thinking.
