MGSC30H3 Chapter 7: MGTC31 - Chapter 7
Document Summary
Chapter 7: an introduction to the legal relationship. These elements must be met before the agreement creates rights and duties that may be enforceable: an intention to create a legal relationship, offer, acceptance, consideration, capacity to contract, legality. Concept of a contract as agreement by two parties is based upon the premise that the end results will be a meeting of the parties minds. Consensus ad idem: agreement as to the subject or object of the contract. Members of a family promises are not enforceable. Unless the groups convince the court that the promisor intended to be bound by the promise. As a general rule, courts view an advertisement as a mere invitation to do business rather than an intention to enter into a contract with the public at large. A promise/offer is tentative until the other party expresses a willingness to comply with the condition & valid acceptance takes place that the parties may be bound by the agreement.
