BTC1110 Lecture 2: BTC1110 -Lecture 2
4 Sep 2018
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Contract: a contract is an agreement between two or more parties under which legal rights and obligations are created which can be enforced in the courts. Types of contracts: unilateral (only one party is obliged, bilateral (two or more parties obliged, simple (oral, written, implied this is the usual contract and it always requires consideration. Can even be implied: contracts under seal ( deed, must be in writing and signed, sealed and delivered this doesn"t require consideration, express (expressed in the form of words or price) Buying a coffee would be both express and implied. The express related to the cost of the coffee and asking to purchase it, and the implied is that the coffee will taste reasonably nice, and the shop won"t use sour milk. Offer: a proposal by one party that is communicated to another person that indicates that the person is ready and willing to enter into an agreement if the other person accepts.
