LAW 122 Lecture Notes - Lecture 7: Objective Test, Contract
4 Feb 2016
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Document Summary
A contract is a law legally enforceable agreement. Essential elements a of a contract: intention create legal relations, meeting of the minds (offer and acceptance, exchange of value (considerations) Generally, does not have to be in writing. Parties must intend to create legal relations. General rule: there is a presumption : of intent in commercial dealings, against intent in social and family context, fobasco vs cogan (1990) Agreement over the details of a mutual decision to enter into a legal relationship between two parties. An offer is the expression on the basis of specific terms of the intention to enter into a contract (a legally binding agreement) Offer must be communicated: in a written document, a verbal statement, through conduct, if the other party accepts then there will be obligation. Offering a contract is a business risk: An invitation to treat is a willingness to receive offers from others, to do legally bound or not.
