ADMS 2610 Lecture Notes - Lecture 2: Collective Bargaining, Secondary Liability, Estoppel

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Contract: an agreement made between two or more persons that is enforceable at law. 5 elements to create a contract: (1) intention to create a legal relationship. ~each party agrees to do, or refrains from doing, certain things in return for the promise of the other to do certain things of a particular nature. ~ intention of the parties to be bound by their promises. Consensus ad idem: agreement as to the subject or object of the contract. Do you want my car? too vague (gift, lend, lease or sell?). Until established no acceptance can follow; therefore no contract. If intent is denied, courts access statements from the reasonable person point of view". Family promises and advertisements typically aren"t considered legal contracts (2) offer. ~ a tentative promise subject to a condition. An offer must be communicated by the offeror to the offeree before acceptance may take place.

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