Practical Business Law: Contract Formation Mechanism

This lecture covers the basics of contract formation in business law, including the concept of a contract, freedom of contract, applicable underlying rules, and the consequences of formation. It delves into the essential elements of a contract, the limits to freedom of contract, and the mechanisms involved in creating a legally binding agreement. The instructor explains the importance of mutual intent, the role of declarations of intent, and the enforceability of contracts. Additionally, the lecture explores the validity of consent in contracts, addressing issues such as misrepresentation, threat, and error, and their impact on the validity of agreements.