LAW 122 Lecture Notes - Lecture 7: Signify, Posting Rule, Estoppel

15 views12 pages

Document Summary

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)

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related Documents