LAW 122 Chapter Notes - Chapter 7: Posting Rule
8 Apr 2015
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Contract: an agreement that contains legally enforceable rights and obligations (legally enforceable agreement, essential elements of a contract: 1: meeting of the minds/mutual agreement through: (offer and acceptance), exchange of value/must enter into a bargain by each giving: (consideration). *remember* - generally, does not have to be in writing: meeting of the minds shared decision to enter into a legal transaction on a particular basis. Acceptance of terms: exchange of value occurs when the parties each give up something. Against intent in social and family context: exception to rule: presumptions are rebuttable. Issue: is there content and an intention to make a contract. Indication of a willingness to enter into a contract on certain terms. Indication of a willingness to receive an offer. Person responding to invitation makes an offer. Person making invitation may then accept the offer: examples: The offer still exists: offer turned into contract by acceptance, offer may be terminated before acceptance.
