BU231 Lecture Notes - Lecture 3: Diminished Responsibility, Starbucks, Estoppel
Document Summary
Chapter 5: contract law formation of a contract. A promise, or set of promises, that the law will enforce. A promise or set of promises//agreement between two or more parties where something is exchanged and is legally binding. Offer, acceptance, consideration all need to be there for a contract. Formation of a contract (7 elements: offer, acceptance, consideration. Intention to create legal relations: capacity, legality, certainty of terms. If the agreement does not meet all these requirements, it is not a contract in law; it is just a promise. If you do not have a contract, someone can screw you over and you can lose a lot of money. Contracts make the economy go round and round. Offer: a tentative promise made by one party, subject to a condition or containing a request to the other party, must be definite and certain, must be communicated to the intended recipient.
