Elements of Contract Formation Flashcards
What is an Offer in contract law?
A definite promise to be bound by specified terms.
What is Acceptance in contract law?
An unqualified expression of assent to the terms of an offer.
What does the intention to create legal relations assess?
It assesses whether the parties intended to create legal relations.
What is the presumption for commercial agreements regarding legal relations?
There is a strong presumption that the parties intend the agreement to have legal consequences.
What is the presumption for business-to-business transactions regarding legal relations?
There is a strong presumption to create legal relations.
What is the presumption for social or domestic agreements regarding legal relations?
The presumption is that the parties did not intend the agreement to have legal consequences, but this may be rebutted depending on the circumstances.
What is Consideration in contract law?
It refers to something given in exchange for the other party’s promise.
