00:01
Does a party have a contract? we need four elements.
00:03
Offer, acceptance, consideration, and intention to create legal relations.
00:16
An offer is a clear statement of terms on which one party is prepared to do business with another.
00:27
Acceptance is unqualified agreement to all terms of the offer.
00:32
Consideration is something of value given by both parties to a contract that induces them to enter into the agreement and exchange mutual performances.
00:42
Intention is both parties intend the agreement creates obligations that are enforceable by law.
00:52
Stanley's initial agreement to cut the loan for a fee could be seen as an offer.
00:58
Mark accepted it by allowing him to perform it.
01:02
So there's an offer.
01:05
Mark accepted it by paying, so there's acceptance.
01:10
Consideration was payment in exchange for lawn mowing services.
01:14
So there is also consideration.
01:17
Intention to create legal relations would be the initial transaction suggests both parties intended to create a legal relationship...