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PO210 (7)

Contract Law

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Wilfrid Laurier University
Political Science
Asha Rampersad

Week10stMondayNovember212011ContractlawLeases credit cards gym membershipsLectureBasic elements of a contract ways a contract can be attacked mistake misrepresentations distress illegality how the courts interpret contractsconcept of privacy how a contract can be discharged by partiesremedies available in case of breach of contractWhat is a contractThere is a fundamental body of law called contract lawIt is an agreement between 2 or more parties that is enforceable at lawThe most important parts are the distinguishable features of a contract is its legality specific terms and conditionsAll legally valid contracts have the following elementsoffer that is presented offerermust be accepted by other party offereevaluable consideration has to be exchanged by the partiesthey both must attend to contract legally boundmust have legal capacity to contractcontract must comply with specific legal formalitiesOne party must express a willingness to enter into a contract on certain termsOFFERERAn offer can be expressively stated or implied by conductOffer is different from invitation to treatIt has to be unconditional acceptance to the terms of the offerAcceptance has to be communicated to the offererAn offerer cant say nothing no reply is simply acceptanceIf the offerer makes changes to contract the offeree does not simply agree but agrees to the counter offerTermination of contractofferee doesnt accept counter offerofferer revokes offer before it is acceptedan offer can lapse no response on and after deadlineofferer dies before acceptance is givenIntention to contract the parties must intend to create a legally binding agreementConsideration Each party must give one another something of valuean act a promised act or a promise to refrain from acting
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