Law 2101 Lecture 14: Contract Law
10 Mar 2017
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Document Summary
Contract law helps to facilitate an exchange between two people. The function of contract law: contract law has two functions: facilitates exchange: gives reasonable assurance to one party that the other party will be held accountable to their promise. * when the exchange is complex, it is important to have a contract. *differentiate between those that are legally enforceable and those that are not. The nature of contract law - judge made (not statute based, but common law) Bargain theory of contracts: bargaining through the terms of the agreement that you wish to enter into. You are legally bound to me: the offeror is under a liability, in the sense that the other party could accept, and make the offeror legally bound to the offer he or she made. Inclusive terms must include what i want and what you must do in return (must include all terms: outward directed expression, sufficiently certain, objective, time requirements, willingness to be bound.
