LAW 122 Study Guide - Midterm Guide: Reasonable Person, Legal Advice, Kijiji
1 Oct 2016
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Chapter 7 the nature and creation of contracts. Contract an agreement that contains legally enforceable rights and obligations ex. Ticket to the go train, paid for parking, paid for gas: we all make agreements & promises to everyone but not all of them are contracts ex. Tell your parents: i"ll take out the garbage but don"t, not a contract; can"t sue o. Some are contracts and if you don"t do what you said you were supposed to do you can be sued! o. Contract does not need to be in writing to be legally enforceable; risk management perspective: written* Meeting of the minds a shared decision to enter into a legal transaction on a particular basis able to enter into an agreement because you have this. Exchange of value occurs when that parties each give up something ex. Paid cash in return for the book, provided book for cash.
