LAW 1101 Chapter Notes - Chapter 11: Uniform Electronic Transactions Act, Toyota Electronic Modulated Suspension
Document Summary
For a contract to be valid and enforceable, the requirements listed in the previous chapter must be met. Agreement is required to form a contract, regardless of whether the contract is formed by exchanging paper documents or by exchanging electronic messages online. Agreement a mutual understanding or meeting of the minds between two or more individuals regarding the terms of a contract. An agreement is evidenced by two events: an offer and an acceptance. B/c words often fail to convey the precise meaning intended in such bargaining, the law of contracts generally adheres to the objective theory of contracts: requirement of the offer. Offer a promise or commitment to perform or refrain from performing some specified act in the future. The party making an offer is called the offeror. The party to whom the offer is made is called the offeree. Intent is not determined by the subjective intentions, beliefs, or assumptions of the offeror.
