LAW 122 Lecture Notes - Lecture 7: Contract, Posting Rule
2 Feb 2017
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Contract is a legally enforceable agreement; protects promises. Essential elements of a contract: 1. Meeting of the minds (offer and acceptance) -> shared decision to enter into a legal: 3. Exchange of value (consideration) -> occurs when parties give up something transaction. Remember: generally, doesn"t have to be in writing. Not contracts: gifts, unjust enrichment/restitution -> performing service without the agreement of offeree, intention to create legal relations. Parties must intend to create legal relations -> arises if a reasonable person would believe that the. Objective test: what would a reasonable person believe at the time when contract was formed? parties intended to create a legally enforceable agreement. General rule: there is a presumption : of intent in commercial dealings, against intent in social and family context. Exception to rule: presumptions are rebuttable: meeting of the minds. To prove meeting of the mind (=shared decision to enter into a legal transaction), you must prove: 1.
