Class Notes (839,150)
Canada (511,218)
BUSA 690 (31)
Lecture

lecture 1.docx

2 Pages
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Department
Business Admin
Course Code
BUSA 690
Professor
Peter Younkin

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The three essential elements to the creation of most contracts are  an intention to create legal relations, offer and acceptance, and consideration - Jose and Mei entered into what appeared to be a contract for the sale of an antique automobile. Jose agreed to pay the purchase price and Mei agreed to deliver the car to Jose's garage. Secretly, however, Mei planned to keep the car for herself. Will a court enforce the agreement?  A court will enforce the agreement because a reasonable person would have believed that the parties entered into a contract - Cindy calls Davin to accept his offer to trim her hedges in exchange for a haircut. Cindy is described as the  offeree. - Henrique posts a notice at the racetrack that says he is willing to sell his old horse for $5000. When he returns to the track the next day two people arrive at the same time to buy the horse. A court would most likely say that Henrique  can keep the horse and refuse to sell to either person. - Wessam offers to sell Ivan a bicycle for $100. Ivan asks to think about it for a couple days. The next day, Wessam tells him that she has increased the price to $150. Wessam has.  revoked her original offer - Morris posted a notice promising to pay a $50 reward to anyone who found his lost cat. Morris saw Edna, his neighbour, and drew her attention to the notice. She expressed sympathy, but said that she did not have time to help because she was rushing off to work. When she returned home early that afternoon, however, she went to Morris's house to tell him that she would look for the cat. Although he was not at home, she searched the area, found the animal and returned it to his house. Morris now refuses to pay Edna the $50. A court would most likely say that Edna can  demand payment because a contract was created through her act of acceptance - Joan wants to buy a prime piece of real estate from Guiaumme, but she is waiting to find out whether the bank will give her a loan. In order to make sure that Guiaumme does not sell the land to anyone else, Joan gives him $5000 in exchange for his promise not to sell the land. This type of
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