Textbook Notes (368,123)
Canada (161,661)
LAW 122 (618)
Chapter 7

LAW122 Chapter 7 Notes.docx

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Law and Business
LAW 122
Jared C.Allen

LAW122 Chapter 7 Notes The Nature and Creation of Contracts A Contract is a legally enforceable agreementA simple promise is not legally enforceableA contractual promise is legally enforceable o Promise to make a giftnot enforceable must be something of value in exchange for a promiseBargains are enforceable gifts are not o Promises to break the lawnot enforceable o Promises against public policynot enforceable Meeting of the Minds is a shared decision to enter into a legal transaction on particular basis One party proposes terms though an offer and the other party agrees through an acceptance The most obvious feature of that contract is that it involved a mutual exchange of value when each party agrees to give something up Contracts require a distinct number of steps 1 T
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