BUS 393 Lecture Notes - Lecture 3: Lady Gaga, Estoppel, Contract

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 393
• Professor: Shafik Bhalloo

Document Summary

Agreement between two or more persons to do, or to refrain from doing, a particular thing in exchange for something of value. Failure by a party to live up to his part of the bargain is a breach the who, what, where, when , and how of the agreement defines the binding promises of each party to the contract. Requires five legal ingredients to form a contract. Retail store transaction not documented for practical reasons grocery store. Buying and selling anything from a newspaper to large machinery or a fleet of cars. Employment can be in writing or not. Obtaining of services legal services-terms may be implied by the court or by legislation. The terms of the agreement must be certain (who, what, when, where, how) Must be an agreement between the parties to a contract. The parties must intend to create legal legislation (reasonable person test) The promisee must buy the promisor"s promise by giving consideration.