- Parties need to agree on having a promise and having it legally enforceable.
Meeting of the Minds
- Every contract must have a meeting of the minds.
- Mutual Assent: Both parties must agree upon various terms, consideration, expectations, binding quality.
- Consideration/terms must be something that one can objectively and reasonably believe.
- Ex. Reasonably believe a Monet painting for $200K is by Claude Monet, not by sister with Juliet Monet.
- Context
- The norm, or what is usually done between two parties
- Industry terms: ex. Barrels of wine, bushels of apples
- Reasonable person in that position
- Reasonable person would believe a Monet painting to be by Claude Monet.
Offer
- Manifestation of willingness to create a contract
- Language
- Context (clothes with price tag)
- Industry customs
- Previous dealings
- Method of communication