LAW 122 Chapter Notes - Chapter 7: Fax, Contract, Posting Rule
10 Mar 2016
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Contract: legally enforceable agreement: promises and contracts: simple promises are not legally enforceable, contractual contracts are. Intenion to create legal relaions: meeing of the minds (ofer and acceptance, exchange of value (consideraion) Objecive test of intenion: what would a reasonable person believe, test applies at ime of purported contract. Social and family context: the court presumes no intent. Every contract requires a meeing of the minds. Other party agree to terms through an acceptance. We deine an ofer as willingness to act on certain terms. The oferor is the master of the ofer. There is a diference between an ofer and an invitaion to treat. A contract is created as soon as an ofer is accepted. If an oferor receives muliple acceptances, there could be muliple contracts created while the oferor can only enter one contract: need a mechanism to reduce this risk of liability. We deine an invitaion to treat as a willingness to receive an ofer.
