The classical model of contract law stated that for a contract to come into existence some specific elements must be present; intention to create legal relations, an offer followed by a matching acceptance, the presence of consideration, privity between the parties and certainty of the terms..
The classical theory of contract presumes that the agreement consists of an exchange of promises - generally a promise to provide a benefit and a promise to pay for it - which generate obligations in law to provide the benefit and to pay for it..
A Neo-classical contract is a form of contract, defined by McNeil, describing a contract dependent upon trilateral governance, in which "third party assistance" is used for resolving disputes or evaluating performance..
The main features of the classical theory seem to be freedom of contract, the bargain theory of consideration, and the expectation measure of damages, and those of the reliance theory limited freedom of contract, an expansion of contract to include cases of detrimental reliance not arising out of an agreement or .
from the middle of the nineteenth century until the first part of the twentieth century contract law was dominated by a school of thought now known as classical contract law, which found its central inspiration in Christopher Columbus Langdell, Oliver Wendell Holmes Jr., and Samuel Williston, and its central expression .
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The meeting of minds in contract law refers to the moment when both parties have recognized the contract and agreed to enter into its obligation
This is also called Mutual assent or consensus ad idem
The company’s Peace of Mind contract reads, “For new and existing bookings made by January 31, 2022 for any voyage with an embarkation date through and including May 31, 2022, guests are free to cancel up to and including January 31, 2022 and get a full refund in the form of a future cruise credit
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