ADMS 2610 Lecture Notes - Lecture 2: Estoppel, Uberrima Fides, Rescission
11 Apr 2017
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Contract 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. Types of contract: employment, service, leasing, contracts for purchase and sale of goods, Elements of a valid contract: an intention to create a legal relationship: Consensus to subject and object of the contract. 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. Invite offers that seller may accept or reject: offer: nature of an offer: a tentative(uncertain) promise subject to a condition. Communication of an offer: an offer must be communicated to the other party to be accepted. Cannot accept an offer you do not know of. Crossed offers in the mail do not constitute a contract.
