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LAW 122 (809)
Jane Monro (19)

Chapter 7 The Nature and Creation of Contracts

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Ryerson University
Law and Business
LAW 122
Jane Monro

Chapter 7 The Nature and Creation of ContractsContract is an agreement that creates rights and obligations that can be enforced in law Meeting of the minds is a share decision to enter into a legal transaction on a particular basis Exchange of Value occurs when the parties each give up somethingContracts require distinct elements 1 The parties must have an intention to create legal relations 2 They must reach a mutual agreement through the process of offer and acceptance 3 They must enter into a bargain by each giving considerationIntention to Create Legal Relations Intention to create legal relations arises if a reasonable person would believe that the parties intended to create a legally enforceable agreement Courts ask whether reasonable person would have believed that the parties intended to enter into a contract Test is objective judge considers what the reasonable person wouldve thought not the parties The test is NOT subjective intentions because people can lie in trial and the law of contracts aim is to protect reasonable expectationsOffer The Nature of an Offer Offer is an indication of a willingness to enter into a contract on certain terms Offeror is a party who offers to enter into a contract Offeree is a party who receives an offer to enter into a contractoffers create a r
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