Textbook Notes (367,753)
Canada (161,369)
MGSC30H3 (57)
H Laurence (33)
Chapter 7

Chapter 7 Notes

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Department
Management (MGS)
Course
MGSC30H3
Professor
H Laurence
Semester
Fall

Description
Chapter 7 An Introduction to the Legal Relationship NotesThe Elements of a Valid Contract y the creation of a binding contract that the courts will enforce requires the contracting parties to meet a number of requirements prescribed by the law of contract y these requirements are referred to as the elements of a valid contract and consist of 1 an intention to create a legal relationship 2 offer 3 acceptance 4 consideration 5 capacity to contract and 6 legality y in addition to be enforceable certain types of contracts must be in writing in an electronic substitute or take on a special form y contracts must also be free from any vitiating elements such as mistake misrepresentation or undue influenceThe Intention to Create a Legal Relationshipy the concept of a contract as a bargain or agreement struck by two parties is based upon the premise that the end results will be a meeting of the parties minds on the terms and conditions that will form their agreement with each other y closely related to the intention of the parties to be bound by their promises is the notion of consensus ad idem or agreement as to the subject or object of the contract y the first requirement for a valid contract must be the intention on the part of the promisor to be bound by the promise made y as a general rule the courts view an advertisement or for that matter any display of goods as a mere invitation to do business rather than an intention to enter into a contract with the public at large y the purpose of the advertisement or display is merely to invite offers that the seller may accept or reject Offer and Acceptance The Nature of an Offer y only a promise made with the intention of creating a legal relationship may be enforced y the tentative promise made subject to a condition is therefore not binding on the offering party until the proposal is accepted y it is only when a valid acceptance takes place that the parties may be bound by the agreement Communication of an Offer y an offer must be communicated by the offeror to the other party the offeree before the offer is capable of being accepted y in some cases the parties may deal with each other by letter fax email or other means of communication y it is important for th
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