MGSC30H3 Lecture Notes - Lecture 6: Contract, Isaac Erter, Git
Document Summary
Chapter 7 nature and creation of contracts (pg. Contract: agreement that contains legally enforceable rights and obligations. Meeting of the minds: shared decision to enter into legal transaction on a particular basis. Exchange of value: occurs when parties each give up something. Contract requires 3 distinct elements: parties must have intention to create legal relations. * intention to create legal relations: arises if reasonable person would believe that the parties intended to create a legally enforceable agreement: they must reach mutual agreement through process of offer and acceptance. * offer: indication of willingness to enter into a contract on certain terms. * offeror: party who offers to enter into a contract. * offeree: party who receives an offer to enter into a contract. * invitation to treat: indication of a willingness to receive an offer: they must enter into bargain by each giving consideration.
