Textbook Notes (368,339)
Canada (161,829)
LAW 122 (625)
Chapter 7

Chapter #7.docx

4 Pages
74 Views
Unlock Document

Department
Law and Business
Course
LAW 122
Professor
Avi Weisman
Semester
Winter

Description
Chapter 7 The Nature and Creation on Contractsy Contract is an agreement that creates rights and obligations that can be enforced in law y Meeting of the Minds is a mutual agreement to enter into a legal transaction on a particular basis y Exchange of value occurs when parties each give up something y Every contract requires a number of distinct steps 1 The parties must have the intention to create legal relations 2 they must reach a mutual agreement through the process of offer and acceptance 3 they must enter into a bargain by each giving considerationIntention to Create Legal Relationsy Intention to create legal relations arises if a reasonable person would believe that they parties intended to create a legally enforceable agreement y test is objective rather and subjective y Two reasons for that rule o a test of subjective intentions would be difficult to apply because a Person could easily lie at trial o an important goal of the law of contracts is to protect reasonable expectations y a reasonable person simply ignores unrealistic and exaggerated proposalsOffer THE NATURE OF AN OFFER y Parties must also enter a mutual agreement through the process of offer and acceptance y Offer is an indication of a willingness to enter into a contract on certain terms y Offeror party who is offering to enter into a contract y Offeree party who is entitled to accept or reject an offer to enter into a contractINVITATION TO TREAT y Invitation to treat is an indication of a willingness to receive an offer y Distinction between an offer and an invitation to treat depends on an objective test y Ex Display of item on shop floor or price tags are invitation to treatCOMMUNICATION OF AN OFFER y requirement of communicationo offer must be communicatedo ie offer contained in undelivered letter ineffectivey offer must be communicated as offero ie offer received as typing assignment ineffective y communication may take many forms o written documentie written offer for car o oral statementie ordering food at restaurant o conduct ie sit in barber chair fill up tank with gasLIFE OF AN OFFER y Offer does not last forever it may cease to exist in a variety of ways A Revocation
More Less

Related notes for LAW 122

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit