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Lecture

Law 122: Chapter 7 The nature and creation of contracts.docx

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Department
Law and Business
Course
LAW 122
Professor
Avi Weisman
Semester
Fall

Description
Chapter 7 The nature and creation of contracts Contract An agreement that creates rights and obligations that can be enforced in lawA meeting of the minds Is a shared decision to enter into a legal transaction on a particular basisExchange of value Occurs when the parties each give up something Creation of a contract The creation of a contract requires 3 important aspects1 The parties must have an intention to create legal relations2 They must reach a mutual agreement through the process of offer and acceptance3 They must enter into a bargain by each giving consideration 1 Intention to create legal relations pg 156Arises if a reasonable person would believe that the parties intended to create a legally enforceable agreem
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