LAW 122 Midterm: LAW 122 Chapter 7 Notes
5 Dec 2015
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The parties must have an intention to create legal relations. They must reach a mutual agreement through the process of offer and acceptance. They must enter into a bargain by each giving consideration. Most contracts do not have to be written in order to be enforceable. Week 8 chapter 7 the nature and creation of contracts. You and the other person entered into an agreement that contained legally enforceable rights and obligations. You were able to enter into that agreement because you both experienced a meeting of the minds: a shared decision to enter into a legal transaction on a particular basis. Contract: an agreement that contains legally enforceable rights and obligations. Exchange of value: occurs when the parties each give up something. It is important to realize that a contractual relationship can continue even after there has been an exchange of value.
