Textbook Notes (368,389)
Canada (161,858)
MGSC30H3 (57)
H Laurence (33)
Chapter 7

MGTC31 - Chapter 7

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

Description
Chapter 7 An Introduction to the Legal RelationshipThe Elements Of A Valid Contract These elements must be met before the agreement creates rights and duties that may be enforceable 1 An intention to create a legal relationship 2 Offer 3 Acceptance 4 Consideration 5 Capacity to contract 6 LegalityThe 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 lawi Members of a familypromises are not enforceable ii Advertisements 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 Acceptance The Nature of an OfferPromises made by the partiesA promiseoffer is tentative until the other party expresses a willingness to comply with the conditionvalid acceptance takes pl
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