BSEN 395 Lecture Notes - Lecture 2: Consumer Protection, Facetime

• School: University of Calgary
• Department: Business and Environment
• Course: BSEN 395
• Professor: Rob Malach

Document Summary

Contract-an agreement made between two or more persons that is enforceable at law. Freedom of contract, the general ability of the parties to create specific rights and duties. **elements of a valid contract*: an intention to create a legal relationship, offer, acceptance, consideration, capacity to contract, legality. ** all 6 elements must be present for a contract to be enforceable by law** In addition to the six basic elements, some contracts must also be in writing: statute of frauds (chapter 10) Valid contracts must also be free of vitiating elements (chapter 11: mistake, misinterpretation, under influence, duress. ** contracts not needed to be in writing unless necessary by law for it to be in writing** Consensus applies to subject and object of the contract: latin principle: **consensus ad idem-meeting of the minds** Esse(cid:374)tial ele(cid:373)e(cid:374)t of i(cid:374)te(cid:374)tio(cid:374) is a pro(cid:373)ise (cid:271)y a(cid:374) i(cid:374)di(cid:448)idual or e(cid:374)tity (cid:894)a (cid:862)party(cid:863)(cid:895)