LAW 122 Chapter 7: Chapter 7.docx
9 Dec 2012
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Document Summary
Contract an agreement that creates rights and obligations that can be enforced in law. Meeting of minds a shared decision to enter into a legal transaction on a particular basis. Exchange of value occurs when the parties each give up something. Tort is imposed by law, contract voluntarily created by the parties. Intention to create legal relations arises if a reasonable person would believe that the parties intended to create a legally enforceable agreement. Court asks whether a reasonable person would have believed that the parties intended to enter into a contract. Invitation to treat an indication of a willingness to receive an offer. Communication of an offer can be stated verbally or written. The life of an offer if an offer is not accepted it may cease to exist in a variety of ways: revocation- if the offeror withdraws an offer.
