LEGL 215 Lecture Notes - Lecture 11: Posting Rule, Manhole, Executory Contract
17 Aug 2018
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Key points - chapter 11 nature and terminology and chapter 12 agreement. Promise: a person"s declaration that something will or will not happen in the future. Promisee: the person to whom the promisor made the promise. Contract: an agreement between two or more competent parties, for valuable consideration, to perform or to refrain from performing some act now or in the future. Offeree: the person to whom the offeror proposes the agreement. Genuineness of assent: the apparent consent of both parties must be genuine. Objective theory of contract: the parties" assent is judged not by the subjective intent of each party, but by the objective intent that a similarly situated reasonable person would understand the parties to have. Ex. expecting to pay for a service even if not explicitly stated. Agreement: the offeror must offer to enter into an agreement, and the offeree must accept the terms of the offeror"s offer.
