LAWS 2202 Study Guide - Final Guide: Fiduciary, Equitable Remedy, English Tort Law
Document Summary
Legal persons: an individual or group that is allowed by law to take legal action, as plaintiff or defendant. It may include natural persons as well as fictitious persons (such as corporations). Exchange: both parties must agree on terms of exchange which would result in the completion of the agreed upon contract. Coincidence of offer and acceptance and consideration: often enough, when these two elements are met a legally binding relationship is established between the two agreeing parties. Mental element: this element consists of two related components in order to validate a contract. The first component being the intention to form the contract, and the second being called the meeting of the minds . The second component, being the meeting of the minds stipulates that not only must the two parties agree on the contract, but they must also make sure that they are agreeing on the same thing.
