PO210 Lecture Notes - Lecture 4: Meeting Of The Minds, Promise This, Reasonable Person
Document Summary
Contract law is a dichotomy between two ideals: freedom of choice, and the protection of society. If not, the courts could dispose of the contract or deem the term unenforceable: when terms are not stated, court may use evidence of custom, normal course of action is action for financial damages. Bilateral contracts: one where there are promises made by each of the parties to the other, which they are both bound to perform, this is a contract where the offeror and the offeree trade promises. Intention to enter into a legal relationship: ex. Agree to play soccer is not contract: agreements (cid:373)ade (cid:271)(cid:455) (cid:858)ho(cid:374)our(cid:859) are (cid:374)ot e(cid:374)for(cid:272)ea(cid:271)le. Capacity: to form a contract, person entering into the agreement has to have certain characteristics and those individuals we view as vulnerable are in need of protection, some groups are said to lack capacity.
