B LAW301 Chapter Notes - Chapter 1-10: Posting Rule, Post Box, Fax

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Deliberate: both parties must want to enter into a contractual relationship also known as intention to create legal relations. Voluntary: agreement must be freely chosen and not involve coercion or other forms of serious unfairness. Between two or more competent persons: must be two parties to any contract who have legal capacity. Supported by mutual consideration: contract involves a bargain or exchange between parties, each party must give something of value for exchange for receiving something of value from the other party. Not necessarily in writing: as a general rule, even oral contracts are enforceable though it is preferable for negotiators to get the contract in writing. Trackers: make blind promises concerning price, quantity, and delivery of tracking to coasters. Coasters: makes a blind promise to pay the purchase price to trackers. The written rules were therefore part of the contract and governed this dispute: all the plaintiffs arguments were rejected. Legal factors in their business context: creating the contract.

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