LAWS1100 Lecture Notes - Lecture 5: Caveat Emptor, Unconscionability, Estoppel
Document Summary
Most contracts do not need to be in writing, many contracts are made verbally and some contracts are implied by the conduct of the parties. Some contracts are formed and performed at the same time; with other contracts one or both of the parties make a promise and therefore have an ongoing obligation once the agreement has been formed. Agreement + intention + consideration = contract: agreement. An agreement is a meeting of minds and exists when two or more people share understanding and intention. Many agreements are preceded by a period of negotiations. Sometimes the existence of a finalised agreement can be deduced from the conduct of the parties. At other times, the existence of a finalised agreement is less clear. A person makes an offer when they express a willingness to immediately enter into a contract with the offeree, the person to whom the offer is directed. An offer can be made to one person, many people, or.
