LAW 122 Lecture Notes - Contract, Fax, Signify
17 Feb 2013
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Parties must intend to create legal relations. What would a reasonable person believe? test applied at time of purported contract commercial context: presume intent. If during a business setting social and family context: presume no intent. 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 transaction on a particular basis. Exchange of value: occurs when the parties each give up something. Promises and contracts simple promise is not legally enforceable contractual promise is legally enforceable. The parties must have an intention to create legal relations. They must reach a mutual agreement through the process of offer and acceptance. They must enter into a bargain by each giving considerations. Meeting of the minds: contract requires a meeting of the minds . One party proposes terms through an offer. Other party agree to terms through an acceptance. Offer = willingness to act on certain terms.
