COB 218 Chapter Notes - Chapter 12: Oral Contract, Meeting Of The Minds, Posting Rule
Document Summary
An agreement to form a contract includes an offer and an acceptance. Any promises made by the parties to the contract must be supported by: contractual capacity. Both parties entering into the contract must have the contractual: what the party said when entering the contract, how the party acted or appeared, the circumstances surrounding the transaction. Contract disputes arise when there is a promise of future performance. If the contractual promise is not fulfilled, the party who made it is subject to the sanctions of a court. Contracts relating to services, real estate, employment, and insurance are governed by the common. Contracts for the sale and lease of goods are governed by the ucc. Whether a contract has been formed, the element of intent is of prime importance. I(cid:374)te(cid:374)t is dete(cid:396)(cid:373)i(cid:374)ed (cid:271)(cid:455) o(cid:271)je(cid:272)ti(cid:448)e theo(cid:396)(cid:455) of (cid:272)o(cid:374)t(cid:396)a(cid:272)ts. This theo(cid:396)(cid:455) is that a pa(cid:396)t(cid:455)"s i(cid:374)te(cid:374)tio(cid:374) to e(cid:374)te(cid:396) These facts are interpreted by a reasonable person and they include:
