LAW 122 Chapter Notes - Chapter 7: Posting Rule, Contract
5 Sep 2016
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Document Summary
Chapter 7: the nation and creation of contracts. Contract: agreement that contains legally enforceable rights and obligations. Meeting of the minds: is a shared decision to enter into legal transaction on a particular basis on specific terms and conditions. Exchange of value: occurs when the parties give up something. Every contract require these elements: the parties must have an intention to create legal relations, they must reach a mutual agreement through the process of offer and acceptance, they must enter into a bargain by each given consideration. Contracts don"t have to be written to be legally enforceable. Arises if a reasonable person believes that the parties intended to create a legally enforceable agreement. Objective test: person can easily lie, law of contract aims to protect reasonable expectations. Courts presume that intention to create legal relations exists in a commercial context not between family intent, legal enforceability, and no intent.
