Chapter 7

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University of Toronto Scarborough
Management (MGS)
Ryeback/ Laurence

Chapter 7 An Introduction to the Legal RelationshipThe Elements Of A Valid ContractThese elements must be met before the agreement creates rights and duties that may be enforceable1An intention to create a legal relationship2Offer3Acceptance4Consideration5Capacity to contract6LegalityThe Intention to Create a Legal RelationshipConcept of a contract as agreement by two parties is based upon the premise that the end results will be a meeting of the parties mindsConsensus ad idem agreement as to the subject or object of the contractTwo exceptions of contract law iMembers of a familypromises are not enforceableiiAdvertisements are not enforceable Unless the groups convince the court that the promisor intended to be bound by the promiseCarlill vs Carbolic Smoke Ball CoAs a general rule courts view an advertisement as a mere invitation to do business rather than an intention to enter into a contract with the public at largeOffer and AcceptanceThe Nature of an OfferPromises made by the partiesA promiseoffer is tentative until the other party expresses a willingness to comply wit
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