LAWS1100 Lecture Notes - Lecture 5: Puffery, Halloween, Asthma
Document Summary
A promise or undertaking in respect of which a legal, contractual obligation has been assumed by means which the law recognizes as effective for that purpose. An agreement between two or more people which is legally enforceable. Contracts can be classified as simple or formal. Simple contract: can be made verbally or in writing, or implied by the conduct of the parties. Buying lunch, purchasing an item of clothing, etc: smaller everyday things. Formal contract: requires legal formalities and is valid only when made according to the form required by the law. Set down by law, it has to be in writing (not verbal); Simple contract will be covered throughout this semester - not formal contract. Intention: offer and acceptance, consideration, certainty of terms, capacity of parties, free and voluntary consent. 3 essential elements to a basic contract: agreement, consideration.
