LAW 122 Chapter 7: Chapter 7.docx
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15 Apr 2012
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Chapter 7 the nature and creation of contracts. Contract is an agreement that creates rights & obligations that can be enforced in law. Meeting of the minds is a shared decision to enter into a legal transaction on a particular basis. Exchange of value occurs when the parties each give up something. First, test of subjective (personal) intentions would be difficult to apply cuz a person could easily lie at trial. Second, the law of contracts goal is to protect reasonable expectations (ex. On pg 157: presence or absence of an intention to create legal relations is usually obvious (ex. Contract requires more than an intention to create legal relations. Offer is an indication of a willingness to enter into a contract on certain terms. Offeror is a party who offers to enter into a contract. Offeree is a party who receives an offer to enter into a contract.
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