BU231 Chapter 6: Chapter 6 – Formation of a Contract
Document Summary
Chapter 6 formation of a contract: formation and acceptance. Example of voluntary legal relationship, not legal obligation because you only obligated to comply with terms one the parties voluntarily choose to create the contract inequality of bargaining power or expertise b/w parties results in unfair contracts. Begin with promise, not all promise becomes contract. Contract a set of promises that the law will enforce four basic requirements to form a legally enforceable contract: offer, acceptance, consideration, and intention. An offer is what allows the contract to come into existence. A offer is a description of a promise or set of promises one party. Offeror willing to make, subject to willingness to the other party. Offere to agree to the same promises. Offeror communicates orally or in writing but can also be done without. Communication of an offer words (ex-taxi driver opening the door to let you in, bidder raising finger for offer)
