BLS 342 Lecture Notes - Lecture 19: Contract, Mirror Image, Estoppel
7 Mar 2017
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Document Summary
Not necessarily the function of a statute. Need a benefit and a detriment to both parties for valid contract. 3 elements of valid contract: offer, acceptance, consideration. It does not matter if detriments exchange are unequal to have valid contract. Person you assign your obligations to is called a delegee. Anything is a commodity once someone wants it. If there is ambiguity in a contract then the judge makes a decision on what he thought was meant. 3 elements of valid contract: good offer, valid acceptance, valid consideration. Ex: to whoever finds my dog. Way to accept is to do what is asked. Formed the moment the promises are made. Not formed in future when items are exchanged. Offeree (person whom offer is made to) Serious intent by offeror to be bound by terms of offer. Communication of the offer to the offeree. Offer is to you and only you in bilateral.
