LAW 122 Lecture Notes - Lecture 8: Uberrima Fides, Contractual Term, Precontract

• School: Ryerson University
• Department: Law and Business
• Course: LAW 122
• Professor: Eric Libman

Document Summary

Contractual terms: basic elements, standard form agreements, boilerplate clauses. Contractual term provision in an agreement that creates a legally enforceable obligation. A pre-contractual representation statement one party makes by words or conduct with the intention of inducing another party to enter into a contract. Induce contract not part of contract but possible consequences (if false = misrepresentation) Example: the statement you make in an offer because the terms of the contract upon acceptance can ground a claim of breach of contract if false. Statement made during negotiations becomes enforceable obligation within contract- promise of future performance actionable breach if not fulfilled. Sarah teng a business contract must be for a legal purpose to be considered valid. This could also include a brief statement of what the parties" interests are in entering into the contract. The parties of a contract are the entities involved in the agreement. These can be the name of a person or a separate business entity.