BSEN 395 Lecture Notes - Lecture 4: Estoppel, Public Knowledge, Embezzlement

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An agreement made between two or more persons (includes all humans, and artificial persons (corporations)), enforceable by law. Elements of a valid contract: an intention to create a legal relationship, offer, acceptance, consideration, capacity to contract, legality. Requirements must be met for a contract to be enforceable by the courts. Valid contracts must also be free of vitiating (bad) elements. Consensus applies to subject and object of the contract. Essential element of intention is a promise by individual or entity. A party must intend to be bound by promise made. For strangers in a commercial relationship, intention is a presumption at law. Both can be rebutted family/friends do not intend to be bound. Invite offers that seller may accept or reject. Cannot accept an offer that you do not know of. Acceptance cannot occur before an offer is made. A statement or act given in response to and in accordance with an offer.

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