LAW 122 Study Guide - Midterm Guide: Fiduciary, General Partnership, Professional Negligence In English Law
16 Nov 2016
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Chapter 7: the nature and creation of contracts. Contract does not need to be in writing to be legally enforceable: essential elements of a contract, intention to create legal relations. Rule: parties must intend to create legal relations. Both presumptions are rebuttable or disproved: meeting of the minds. They must reach a mutual agreement through the process of offer and acceptance: offer. Offeror person who makes the offer (master of the offer) Offeree person who receives the offer (power of acceptance) Offer willingness to enter into a contract on stated terms. Offer must be communicated: written document, oral statement, conduct. Once the offeror communicates the offer, a contract comes into existence as soon as reasonable notification of acceptance is given to the offeror. Once the contract exists, neither party can change it unilaterally. An offer creates a risk: managing risk: invitation to treat.
