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Wilfrid Laurier University
Daniel J Fife

READING NOTES Chapter 5Formation of a Contract Offer and AcceptanceFocus on describing essential qualities of a contract why it is enforceable in law and how a contract is formedRole of Contract LawContract law is the prime example of law in its facilitative roleoBut there is often great inequality between parties in terms of bargaining power expertise and intelligence many unfair contracts can be madeoContracts are also subject to human frailties sometimes leading to unintended or unjust resultsNature of a ContractContracts begin with promises but not all promises are contractsContract law is concerned with legally binding promises a promise or a set of promises which the law enforcesoDoesnt sneak up on you voluntary set of rules that parties promise to followoIf parties dont follow them they may be forced to follow them by the courts oBreach of contract is the cause of action thats used to force someone to pay up to their promises or pay the priceBreach of contract involves 1345Contract Analysis1Is there a contract2Can I back out of it3What does the contract meanRecission of contract involves 24Who should give me what I bargained for5Did I get what I bargained forIs there a contractoRequired elements are OACIOfferOffers and counter offers go back and forth untilacceptanceAcceptanceOne simple thing yesConsideration IntentionThe Nature of an Offer
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