Law_294_-_Chapter_7.txt

The parties must have an intention to create legal relations.

They must reach a mutal agreement through the process of offer and acceptance.

They must enter into a bargain by each giving consideration.

A reasonable person would believe that the parties intended to create a legally enforcable agreement.

A person could lie at trial.

The law of contracts aims is to protect reasonable expectations.

A reasonable person ignores unrealistic/exaggerated propsals.

Intention to create a legal relationships exist in a commercial context, but not between friends or family.

An indication of a willingness to enter into a contract on certain terms.

Indication of willingness to recieve an offer.

Revocation

Lapse of time

Death or insanity

Rejection

Counter offer

If the offeror withdraws an offer.

• Possible to state that acceptance must occur by specific date.
• If no time period stated, offer only open for a "reasonable period."

• Automatically revoked if offeror/offeree dies.
• Deceased's estates may communicate acceptance.
• Same for insanity.

• Offeree refuses offer.
• Cannot be accepted later if offeree changes mind unless offeror repeats the offer.

• Offeree responds to an offer by indicating a willingness to enter contract but on different terms.
• Previous offer is now void.

Acceptance communicated in a non-instaneous way is effective where and when offeree sends it.

The contract is created as soon as the acceptance is in mailbox.

The party who offers to enter into a contract.

• The party who receives an offer to enter into a contract.
• (the one who accepts or declines)

When an offeror promises to hold an offer open to acceptance for a certain period.

When the offeror is paid to hold an offer open to acceptance for a certain period.

An offer to undertake a project on particular terms.

When each party claims to have entered into contract on the basis of its own standard form document.