LAW 122 Chapter Notes - Chapter 7: Contract
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4 Apr 2011
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most ppl are unaware of the vast number of contracts they enter into every day. Buying a book from a friend: contract: is an agreement that creates rights and obligations that can be enforced in law. You both give up something as part of the deal, you = money & your friend = the book. a contractual relationship can continue even after there has been an exchange of value. Indeed, one reason for entering a contract may be to reserve some rights and obligations for the future. For e. g. if you purchased a book from a bookseller who offers a satisfaction or money back guarantee , you would enjoy the right to a refund. contracts requires a number of distinct steps or elements: i. ii. iii. The parties must have an intention to create legal relations. They must reach a mutual agreement through the process of offering and acceptances.
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