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  • Gentech 4em3 Legal and Regulatory Issues: F E C (C)

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    Camila Miranda Kanda
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    The document discusses the five elements required for a valid contract in Canada: mutual intent, offer and acceptance, consideration, legality, and capacity. It provides an example of a contract for hiring a university student to paint a garden shed to illustrate these elements, showing there was mutual interest between the homeowner and student, an offer of payment was made and accepted, the payment was the consideration, painting a shed is legal, and the student had the capacity to enter the contract.

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    Elements

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    Lecture_01e_FiveElementsOfAContract_rev2021-05-06

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    The document discusses the five elements required for a valid contract in Canada: mutual intent, offer and acceptance, consideration, legality, and capacity. It provides an example of a contract for hiring a university student to paint a garden shed to illustrate these elements, showing there was mutual interest between the homeowner and student, an offer of payment was made and accepted, the payment was the consideration, painting a shed is legal, and the student had the capacity to enter the contract.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    7 views3 pages

    Gentech 4em3 Legal and Regulatory Issues: F E C (C)

    Uploaded by

    Camila Miranda Kanda
    The document discusses the five elements required for a valid contract in Canada: mutual intent, offer and acceptance, consideration, legality, and capacity. It provides an example of a contract for hiring a university student to paint a garden shed to illustrate these elements, showing there was mutual interest between the homeowner and student, an offer of payment was made and accepted, the payment was the consideration, painting a shed is legal, and the student had the capacity to enter the contract.

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    © All Rights Reserved
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    GENTECH 4EM3

    Legal and Regulatory Issues

    LECTURE 1E
    FIVE ELEMENTS OF A
    CONTRACT (IN CANADA)

    Five Elements of a Contract 1


    GEN TECH 4EM3 – Legal and Regulatory Issues
    Five Elements of a Contract
    • Mutual Intent

    • Offer and Acceptance

    • Consideration

    • Legality

    • Capacity

    We will discuss this further in the next lecture

    Five Elements of a Contract


    GEN TECH 4EM3 – Legal and Regulatory Issues 2
    Example of a Contract
    • Hiring a university student to paint your garden shed

    • Mutual Internet
    • You want your shed painted, student wants money to buy beer
    • Offer and Acceptance
    • You offer the student $500 to paint your shed.
    • The student agrees to paint the shed
    • Consideration
    • The offer included a payment of $500 (“The Consideration”)
    • Legality
    • It is legal to hire someone to paint your shed in Ontario
    • The type of paint to be used is permitted in Ontario
    • Capacity
    • The student is over 18 years old so they can enter into a contract
    with you.

    Five Elements of a Contract


    GEN TECH 4EM3 – Legal and Regulatory Issues 3

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