LAW 122 Lecture Notes - Lecture 6: Posting Rule, Contract, Objective Test
24 Mar 2016
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Essential elements of a contract: intention to create legal relations, meeting of the minds (offer and acceptance, consideration (mutual exchange of value) Your typical fact pattern will feature one party saying, We have a contract and the other saying, no, we don"t! . Once you know that your problem has to do with the essential elements for creating a contract, use a decision tree to help you narrow the issues. Generally, contract does not need to be in writing to be legally enforceable. Rule: parties must intend to create legal relations. Families/social presume that there is no intent to create legal relations. Commercial presume that there is intent to create legal relations. Must be a meeting of the minds: shared decision to enter into a legal agreement on specific terms and conditions: offer = indication of a willingness to enter into a contract on certain terms. Offer must be communicated by written document, oral statement, or conduct.
