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3 Cards in this Set
- Front
- Back
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A more formal definition of contract. |
A contract is an agreement, between two parties having the capacity to make it, in the form demanded by law, to perform on one side or both, acts which are not trifling, indeterminate, impossible or illegal, creating an obligation enforceable in the court of law. |
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Pactum or paction... |
"Is the consent of two or more parties, to some things to be performed by either of them; for it is not a consent in their opinions, but in their wills, to oblige any of them" - Stair |
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Consensus in idem |
Agreement on the same thing - often referred to as "a meeting of minds." As far as the law is concerned, all contracts are created when an offer is accepted, often but not always the offer will be preceded by a preliminary step known as an invitation to treat. |
