LEGL-210 Study Guide - Midterm Guide: Rescission, Life Insurance, Insurable Interest
22 Apr 2017
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Elements for a valid, enforceable : consensus ad idem the parties are of the same mind. O+a= : consideration there must be something of legal value that flows from each person to the other. If the teacher offers me ,000 and doesn"t go through with it, i cannot sue him because there was nothing coming from my end of the deal. I was not doing anything for him in return. It has to be a full circle: capacity infant , mental disability, intoxicated by drugs or alcohol (people under 18) Doesn"t exist in the eyes of the court . Intention an intention to create legal obligations. * requirement of writing not always applicable contracts dealing with interest in land must be in writing. contracts don"t have to be fair. (ex. #1 consensus: offer + consensus = contract and offer is a tentative promise that contains all of the necessary terms for the potential contract.
