LAW 122 Lecture Notes - Posting Rule
12 Dec 2012
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Document Summary
Contract is an agreement that creates rights and obligations that can be enforced in law. Meeting of the minds is a shared decision to enter into a legal traction on a particular basis. Exchanged of value occurs when the parties each give up something. A contractual relationship can continue even after there has been an exchange of value. Every contract requires: the parties but have an intention to create legal relations. Offer is an indication of a willingness to enter into a contract on certain terms. Offeror is a party who offers to enter into a contract. Offeree is a party who receives an offer to enter into a contract. Invitation to treat is an indication of a willingness to receive an offer. A statement is not an offer unless it is communicated and received as an offer. Revocation occurs if the offeror withdraws an offer. Is not effective unless it is reasonably communicated to the offeree.
