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Law and Business
LAW 122

Chapter 7The Nature and Creation of Contracts Introduction y Contractan agreement that creates rights an obligations that can be enforced in law y Meeting of the Mindsa mutual agreement to enter into a legal transaction on a particular basis y Exchange of Valueoccurs when the parties each give up something y The creation of contracts requires a number of distinct steps or elements3 are essential 1 Intention to create legal relations 2 Process of offer and acceptance 3 Consideration y Tort vs Contractpage 61 chapter 3 Intention to Create Legal Relations y The parties must have intended to create a legally enforceable agreement y A court asks whether a reasonable person would have believed that the parties intended to enter into a contract This test is objective rather than subjective2 reasons 1 A test of subjective intentions would be difficult to apply because a person could easily lie at trial2 An important goal of the law of contract is to protect reasonable expectationsif you and I enter into an apparent contract for the sale of certain components I will reasonably expect to receive those components even if you secretly planned to keep them for yourself Offer y The Nature of an OfferThe parties must enter into a mutual agreement through the process of offer and acceptanceOfferan indication of a willingness to enter into a contract on certain termsthe party who offers to enter into a contract is called the offerorthe part entitl
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