This is the Formation of Contracts.

The discussion will be shown as follows:

Terry is selling his iPad on Craigslist; he posted the following on 13 February at 4 pm:

"iPad mini for sale, 16GB, Space Gray, brand new (unopened box). Won in a competition (evidence can be supplied). Model number MF432LL/A. Located in the downtown Vancouver area (you would be required to pick it up). Will accept any offer over $100. Please reply to this post if interested."

Terry opens a letter in the mail from Robert at 4 pm on 16 February (but it was sent at 9 am on 15 February). The letter states that Robert is willing to accept Terry's offer for the iPad and that he will pay $140 for it. He asks Terry to write back to let him know when the exchange will take place.

How to get the answer in one of the categories: Element of Consensus, Element of Consideration, Element of Capacity, Element of Legality, and Element of Intention. Additionally, the pictures will clarify on this discussion.

P AutoSave Off Formation of Contracts - Protected View . Saved to this PC Search (Alt+Q) Sunny Wong SW X File Home Insert Draw Design Transitions Animations Slide Show Review View Help WPS PDF Record Present in Teams Share From Beginning Open 07 Email i PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing X 5 6 7 Element 3 : Capacity 8 9 Capacity essentially deals with a person's 10 11 ability to enter into a contract 12 13 Parties may lack capacity due to insanity, 14 15 mental incompetence or drunkenness but in 16 order to rely on any of these grounds to 17 avoid a contract it must be shown that the 18 party did not understand the nature of the 19 transaction AND that the other party knew, 20 21 or ought to have known, of the incapacity 22 23 6 23 249 25 Slide 23 of 37 Chinese (Hong Kong SAR) Notes 19 88 H + 83% 8 C O ENG 7:19 PM Light rain O X US 2022-02-28 6Search (Alt+Q) Sunny Wong SW X P AutoSave Off Formation of Contracts - Protected View . Saved to this PC Record Present in Teams Share File Home Insert Draw Design Transitions Animations Slide Show Review View Help WPS PDF From Beginning Open 07 Email X i PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing 5 6 Element : Consensus 8 9 Consensus requires a "meeting of the minds" 10 11 of the contracting parties 12 13 The parties must: 14 15 Share an understanding of the bargain struck; 16 and be willing to commit themselves to terms 17 18 19 NOTE: Consensus can be shown even if a party 20 does not read the contract/the terms 21 22 23 5 24 9 25 Notes 19 88 9 H + 83% Slide 5 of 37 Chinese (Hong Kong SAR) 8 .C P ENG 7:16 PM X US 2022-02-28 6 Light rainP AutoSave Off Formation of Contracts - Protected View . Saved to this PC Search (Alt+Q) Sunny Wong SW X File Home Insert Draw Design Transitions Animations Slide Show Review View Help WPS PDF Record Present in Teams Share From Beginning Open 07 Email i PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing X 5 6 7 Element 2: Consideration 8 9 Bargaining: trading promises for promises 10 = all parties must derive some benefit from the 11 deal 12 Both sides have to give and receive 13 "consideration" 14 Consideration need not be equal or significant 15 16 "In consideration for ownership of your bicycle, I 17 will pay you a toonie" 18 Consideration can also be a promise not to do 19 something 20 "In consideration for you paying me $5,000 I will 21 not sue you" 22 23 20 24 9 25 Slide 20 of 37 Chinese (Hong Kong SAR) Notes 19 88 H + 83% 8 C O x ENG 7:18 PM US 2022-02-28 6 Light rainP AutoSave Off Formation of Contracts - Protected View . Saved to this PC Search (Alt+Q) Sunny Wong SW X File Home Insert Draw Design Transitions Animations Slide Show Review View Help WPS PDF Record Present in Teams Share From Beginning Open 07 Email i PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing X 15 16 17 Element 151 Intention 18 19 20 Not all agreements are legal contracts 21 There must be an intention to create legal 22 relations 23 Intention is presumed in commercial 24 relationships i.e. it is presumed that the parties 25 intended to create legal relations so it will be 26 up to one party to prove otherwise 27 No intention presumed in social or domestic 28 relationships so if an agreement between 29 friends or family is to be enforceable it must be 30 proven that the parties intended to enter into a 31 legal relationship 32 33 29 34 35 Slide 29 of 37 Chinese (Hong Kong SAR) Notes 19 88 H + 83% 8 .C O ENG 7:21 PM Light rain O X US 2022-02-28 7P AutoSave Off Formation of Contracts - Protected View . Saved to this PC Search (Alt+Q) Sunny Wong SW X File Home Insert Draw Design Transitions Animations Slide Show Review View Help WPS PDF Record Present in Teams Share From Beginning Open 07 Email i PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing X 15 16 17 Element 4 Legality 18 19 20 An agreement must be legal and not contrary to 21 public interest if it is to qualify as binding 22 An illegal contract will not be enforced by the 23 24 courts 25 An example of an illegal contract is a contract 26 to commit a crime 27 Illegal consideration (e.g. proceeds of crime) 28 9 will not be good consideration 29 An agreement contrary to public interest might 30 be for something immoral rather than illegal 31 32 33 28 34 35 Slide 28 of 37 Chinese (Hong Kong SAR) Notes 19 88 H + 83% 8 C O x ENG 7:20 PM US 2022-02-28 7 Light rain