MLC101 Lecture Notes - Lecture 2: Ebay, Gijsbert Van Tienhoven, Natural Person
Document Summary
A contract is an agreement between two or more parties which creates rights and obligations which the law will enforce. No consideration (value) needed as form creates legality. Intentions of parties clearly stated (orally or written) Terms of contract are inferred from conduct of parties and all surrounding circumstances. Exchange of mutual promises (act to occur later) Offer invites acceptance by performance of an act. Party may avoid contract if wishes e. g. due to threats. Under law, no contract at all ever existed e. g. contents is illegal. Intention to create legal relations: offer and acceptance, consideration (value, capacity, formalities, real/genuine consent, legality of purpose/objective. Offers are proposals by a party to enter a contract, written, verbal or implied, not invitations to treat. Can be made to one or more parties (carlill v carbolic smoke ball co (1893)) Offers may be revoked at any time before acceptance.
