AFM231 Lecture Notes - Lecture 5: Simple Mobile, Espresso

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM231
• Professor: Darren Charters

Document Summary

Contracts introduction and elements of a contract. Contract law: introduction, prudent assumptions, elements of contract, quiz. Only last 10-12 years that that has been relaxed in canada. Focus will be on understanding or compare and contract this. Need to not understand it but understand the concepts in law. Site license [legal permission](do not own the land where the cart is located) Customer contracts (everything thing you sell is a contract ex. Capital equipment purchase: even simple business scenarios have contract laws. Essential for creating economic order: means for creating exchange. Common law jurisdictions allow for significant freedom of contract. Some constraints do exist but tend to be limited. Law gives you lots of flexibility to contract in whatever way you want: needs to have a notion of consideration. Is a promise to do something and a mutual promise both parties must benefit from it. Involves an exchange of services or something like that.