LAW 122 Chapter Notes - Chapter 8: Estoppel, Clean Hands, Beneficial Ownership
9 Jan 2014
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Ingredients to form contract include: intention to create legal relations, offer and acceptance. Another ingredient: consideration refers to the thing each party provides under contract - unless consideration exists on both sides of bargain, courts will not usually enforce parties" agreement. Privity of contract identifies parties to contract, determines who can sue or be sued. Consideration: confers a benefit (receiving a good, giving a good/service), or suffers a detriment (gving up a right to do something, giving up our right to revoke) Main goal of contract law is to enforce bargains. Bargains involve more than offer and acceptance also mutual exchange of value, otherwise no contract exists. Creation of contract depends on exchange of value. Consideration must be provided by both parties exists when party either gives (or promises to give) benefit to someone else or suffers (or promises to suffer) detriment to itself.
