BSEN 395 Lecture Notes - Lecture 3: Secondary Liability
8 Mar 2018
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Chapter 10- the requirements of form and writing. Two general classes of contracts: formal (derives its validity from its form, not common (ex. Power of attorney, transfer of land); require seal and form to be valid: always have to be in writing and in specific form in order for it to be enforceable, informal (simple) (most common) Introduced from the uk into canada as a colony. Still exists in some provinces, in others it has been repealed but incorporated into other statutes. In alberta, has been supplemented by land titles act, fair. Trading act, sale of goods act and guarantees acknowledgement act. Certain contracts if not in writing are not enforceable. Still valid and existing contracts for other purposes (not void or prohibited) Types of contracts **entire list very important to remember** A collateral promise (in writing) to answer or the debt of another (the principal debtor) if the debtor should default in payment.
