BLBU 2234 Chapter Notes - Chapter 10-11: Meeting Of The Minds, Contract, Mirror Image
23 Jan 2019
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An agreement is a manifestation of mutual assent on the part of two or more parties. Enforcing the contract = enforcing the agreement. Ppl show mutual assent by offer & acceptance. Offer : one party makes a proposal by words / conduct to other party. Acceptance : other party agrees by words / conduct to the proposal. Contractual agreement always involves either bilateral (promises exchanged) or a unilateral contract (promise exchanged for/forbearance of an act) A contract exists if both parties have acted in a manner that manifests (indicates) a recognition by each of them of the existence of a contract. Important thing what the parties indicate to one another by spoken or written words or by conduct. Law applies an objective standard and is therefore concerned only with the assent, agreement, or intention of a party as it reasonably appears from his words or actions. Disregards what party meant to convey, or what he has actually thought.
