LAW 122 Lecture Notes - Lecture 7: Golden Rule, Force Majeure, Precontract

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

Document Summary

Representations: induce contract not part of contract but possible consequences (if false, misrepresentation) Terms: contractual promises certain consequences (e. g. the statements you make in an offer become the terms of the contract upon acceptance, can ground a breach of contract, if false) Statements made during negotiation becomes enforceable obligation within contract: promise of future performance, actionable breach if not fulfilled. Document title: there is often a document title at the top to briefly state the overall purpose of the document (e. g. sales agreement, equipment transfer) Purpose: statement describing the type of transaction, what and why there is a contract. A business contract must be for a legal purpose to be considered valid. The parties of a contract are the entities involved in the agreement. Competent parties: a contract deemed invalid if it can be shown that one of the parties was mentally incompetent at the time of entering into the agreement.