MGM102H5 Lecture Notes - Consumer Protection, Click Wrap, Canon Law
Document Summary
Chapter 7: an introduction to the legal relationship. 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. 17th century development of the bargain theory of contract. The elements of a valid contract: an intention to create a legal relationship, offer, acceptance, consideration, capacity to contract, legality. Intention to be bound: the assumption at law that strangers intend to be bound by their promises. Certain types of contracts must be in writing. ***all contracts must meet the 6 required elements of a valid contract in order for the contract to be enforceable by the courts*** Contracts must also be free from any vitiating elements including: Consensus ad idem: agreement as to the subject or object of the contract. Essential element is a promise: party intended to be bound by promise made. Strangers intend to be bound by their promises.
