Textbook Notes (362,842)
Canada (158,078)
Commerce  (111)
COMM 231 (60)
Chapter 6

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University of Waterloo
COMM 231
Joseph Radocchia

Chapter 6: formation of a contract: consideration and intention Requirement of a valid contract  Consensus (offer and acceptance)  Consideration  Intention  Capacity  Legality  Writing (if required by statute) The acceptance of an offer leads to an agreement. Before an agreement is binding in law, it must have two primary elements:  Consideration (price for which the promise of the other is bough)  Mutual intention to create legal relations Gratuitous Promise: promise made without bargaining for or accepting anything in return. (charity donation)  Valid consideration must be:  Specific but not necessarily adequate  With reference to present/future promises  Not past consideration Past considerations, the promise is not binding, the promise is gratuitous.  A promise to pay additional money for a pre-existing obligation is not enforceable Debtor/Creditor - When creditors agree to accept part performance in settlement of debt and the debtor actually pays the reduced amount, the entire
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