LAW 122 Lecture Notes - Lecture 7: Signify, Posting Rule, Estoppel
22 Mar 2016
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Contracts are the 2nd important source of private law obligaions (the 1st was torts) Contracts derive from legally enforceable agreements : simple promise is not legally enforceable, contractual promise is legally enforceable. Form, shape & type of contracts can vary greatly. Remember: the normal rule is that there is no requirement that contracts be in wriing to be enforceable. (some excepions apply. ) 3 key elements to the formaion of a contract: intenion to create legal relaions, meeing of the minds, consideraion (i. e. exchange of value) All the elements must be present: some will be implied, some have a rebutal presumpion. No - rule: handshake, phone call, acion, half writen, emails & conversaion. Yes - exceptions: statute of frauds (land, sale of goods, contracts lasing longer than a year, consumer protecion legislaion. Rule: paries must intend to create legal relaions. Commercial: presume that there is no, presume that there is intent intent. Both presumptions are rebuttable. (can be refuted/proved wrong)
