BUSM 1285 Lecture Notes - Lecture 2: Lexisnexis, Inequality Of Bargaining Power, Unconscionability

• School: Langara College
• Department: Business Management
• Course: BUSM 1285
• Professor: Daniel Nykon

Document Summary

Every contract must satisfy five elements in order to create a binding contract; consensus, consideration, capacity, legality and intention. Consensus means that there is an agreement between the parties committing them to a transaction. The usual way to analyze whether there is a consensus is to determine if an offer and an acceptance has occurred between the parties. An offer is an expression by one party of the terms upon which they will contract with another party (sometimes called the counter-party). A party may communicate an offer to whom- ever they want. An offer may be communicated to the whole world. Any party and only the party to whom the offer is communicated can accept the offer by communicating to the party making the offer that they accept the offer. The acceptance of an offer must be complete and unconditional in order for the consensus required for a contract to be formed.