LAW 122 Chapter Notes - Chapter 7: Contract, Consumer Protection, Fax

• School: Ryerson University
• Department: Law and Business
• Course: LAW 122
• Professor: Theresa Miedema

Document Summary

The nature and creation of contracts law 122. Contract: is an agreement that creates rights and obligations that can be enforced in law. Meeting of the minds: is a mutual agreement to enter into a legal transaction on a particular basis. Exchange of value (consideration): occurs when parties each give up something, does not have to be of fair value. Every contract requires a number of distinct steps: the parties must have the intention to create legal relations. 2. they must reach a mutual agreement (meeting of the minds) through the process of offer and acceptance they must enter into a bargain by each giving consideration. Intention to create legal relations: arises if a reasonable person would believe that the parties intended to create a legally enforceable agreement test is objective rather and subjective. Rebuttable presumption- do not intend to form a legal binding relationship with your family/friends but can"t be disproved/rebutted.