LAW 122 Lecture Notes - Lecture 5: Objective Test, Fax, Post Office
27 Nov 2017
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Document Summary
When it comes to contracts you need offer, acceptance and consideration. Chapter 7: the nature and creation of contracts. Promises and contracts simple promise is not legally enforceable contractual promise is legally enforceable. Essential elements of a contract intention to create legal relations. Meeting of the minds (offer and acceptance) exchange of value (consideration) capacity and legality contract = legally enforceable agreement promises and contracts. Simple promise is not legally enforceable (not going to be sued by breaching a contract) Contractual promise is legally enforceable (promise to sell a car and not delivering can be sued and breach from the contract) elements of a contract. Intention to create legal relations (not a contract for buying something but it"s a motivation) Meeting of the minds (offer and acceptance)- shake on it and it"s contract. Exchange of value (consideration) agree and accept the offer- for the money on one hand and the other is the car- mutual exchange of value.
