LAW 122 Lecture Notes - Lecture 7: Option Contract, Objective Test, Consumer Protection
12 Oct 2016
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Chapter 7 the nature and creation of c ontracts. A contract agreement that contains legally enforceable rights and obligations (legally enforceable agreement) Essential elements of a contract: intention to create legal relations, meeting of the minds (offer and acceptance) Shared decision to enter into a legal transaction on a particular basis: exchange of value (consideration) Occurs when the parties each give up something. Note: generally, does not have to be in writing, unless it falls within one of the special categories (e. g sale of land) The parties must have an intention to create legal relations. They must reach a mutual agreement through the process of offer and acceptance. They must enter into a bargain by giving each consideration. Ontario but not yet done) consumer protection legislation sale of goods legislation: intention to create legal relations. Parties must intend to create legal relations arises if a reasonable person would believe that the parties intended to create a legally enforceable agreement.
