ADMS 2610 Lecture Notes - Lecture 2: Natural Person, Michael Keaton, Meeting Of The Minds

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Lecture notes session two contracts 1. An agreement made between two or more persons that is enforceable at law. Freedom of contract, the general ability of the parties to create specific rights and duties. Elements of a valid contract: an intention to create a legal relationship, offer, acceptance, consideration, capacity to contract. These requirements must be met for a contract to be enforceable by the courts. Intention to be bound the assumption at law that strangers intend to be bound by their promises. Meeting of the minds (consensual agreement) on the terns and conditions that will form their agreement with each. Agreement to subject and object of the contract (consensus ad idem) Party intended to be bound by promise made. Strangers intend to be bound by their promises. Family members and close friends do not intend to be bound in contracts. Unless those family members are entering a contract (marriage contract) then they will be bound by such contract.

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