LAW 122 Lecture Notes - Lecture 3: Contract, Fax
10 Nov 2015
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Document Summary
Intention to create legal relations: arises if a reasonable person would believe that the parties intended to create a legally enforceable agreement, objective test of intention: One party proposes terms through an offer. Other party agree to terms through acceptance: requires on offer that in accepted, consideration (exchange of value, occurs when the parties each give up something, court will not consider adequacy (ex. 1: the nature of an offer, offer is an indication of a willingness to enter into a contract on certain terms. Offeree= party receiving offer: offeror is the master of the offer, can set almost any terms desired. Invitation to treat: indication of a willingness to receive an offer, offers and risk management. Contract created as soon as offer is accepted. Mechanism required to reduce risk of liability: offers vs invitation to treat. Advertisements and catalogues are presumed to be invitations: communication of an offer, offer must be communicated.
