LAW 122 Chapter Notes - Chapter 7: Meeting Of The Minds, Option Contract, Reasonable Person

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Contract- agreement that creates rights and obligations that can be enforced in law. Meeting of the minds- shared decision to enter into a legal transaction on a particular basis: contract requires a meeting of the minds . Consensus ad idem: parties must mutually agree to terms. One party proposes terms through an offer. Other party agree to terms through an acceptance. Exchange of value- occurs when the parties each give up something. Promises and contracts: simple promise is not legally enforceable, contractual promise is legally enforceable. Intention to create legal relations: reach a mutual agreement through the process f offer and acceptance, enter bargain by each giving considerations. Review chapter 3 concept summary 3. 2 (page 36) Intention to create legal relations- arises if a reasonable person would believe what the person would believe that the parties intended to create a leally enforceable agreement.

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