LAW 122 Chapter Notes - Chapter 7: Meeting Of The Minds
25 Oct 2014
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Document Summary
Contract: an agreement that contains legally enforceable rights and obligations. Meeting of the minds: a shared decision to enter into a legal transaction on a particular basis: lawyers sometimes refer this as consensus ad idem ( agreement on that previously mentioned) Exchange of value: occurs when the parties give up something. An indication of a willingness to receive an offer. In other words, it is an invitation for others to make offers. Statement is not an offer unless it is communicated and received as an offer. It does not have to take any particular form, it may contained in a written document or and offer may be made verbally: offer may even be inferred from conduct alone. Offer does not last forever, if it accepted, it gives way to a contract, if it is not accepted, may cease to exist in a variety of ways: revocation, lapse of time, death or insanity, rejection, counter-offer.
