BLAW 3201 Chapter : Chapter 10
Document Summary
Four elements of a contract mental capacity competent parties (capacity) No: does not involves questions of equality, mutual assent (consent) are essential to a contract; mutual assent is often viewed to be the core requirement. Mutual assent is usually made through an offer and an acceptance. One party proposes an offer to another party who, in turn, accepts the offer. Both the offer and the acceptance generally can take the form of either words or conduct. Thus, even if there is no definite spoken or written offer or acceptance, but there is some action by both parties which indicates that they recognize the agreement, it can be a legal contract. Essentials of an offer: an offer is a definite proposal or undertaking made by one person (the offeror) to another (the offeree) indicating a willingness to enter into a contract. An offer gives the offeree the power to create a contract by acceptance: an offer must have, communication, definiteness.
