LAW 122 Lecture Notes - Contract, Fax, Advanced Land Observation Satellite
19 Apr 2013
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Document Summary
The nature and creation of contracts law 122. Contract: is an agreement that creates rigts and obligations that can be enforced in law. Meeting of the minds: is a mutual agreement to enter into a legal transaction on a particular basis. Exchange of value: occurs when parties each give up something. Every contract requires a number of distinct steps: the parties must have the intention to create legal relations. 3. they must reach a mutual agreement through the process of offer and acceptance they must enter into a bargain by each giving consideration. Comparing torts and contracts: intention to create legal relations. Intention to create legal relations: arises if a reasonable person would believe that they parties intended to create a legally enforceable agreement test is objective rather and subjective. Parties must also enter a mutual agreement through the process of offer and acceptance. Offer: is an indication of a willingness to enter into a contract on certain terms.
