LAW 122 Lecture Notes - Lecture 7: Meeting Of The Minds
5 Dec 2015
School
Department
Course
Professor
Document Summary
Contract: an agreement that contains legally enforceable rights and obligations. Meeting of the minds: a shared decision to enter into a legal transaction on a particular basis. Lawyers sometimes refer this as consensus ad idem ( agreement on that previously mentioned) Exchange of value: occurs when the parties give up something. Arises if a reasonable person would believe that the parties intended to create a legally enforceable agreement. Parties must have intended to create a legally enforceable agreement. Courts will look at if the parties had a commercial or family/friend relationship. An offer is an indication of a willingness to enter into a contract on certain terms. Person who offers to enter into a contract is called the offeror. Person who receives an offer is the offeree. An indication of a willingness to receive an offer. In other words, it is an invitation for others to make offers.
