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Lecture

4 Contract Law.docx

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Department
Business
Course
BU231
Professor
Shelley Mc Gill
Semester
Fall

Description
Contract Law  Voluntary  Can be created by anyone  Can create new laws  if you put them in a contract that says you will do them, they become a mini set of private laws o If you are not in the contract, they don’t apply to you  Creating new obligations that society is not imposing by itself  About agreements and making deals What is a contract?  Voluntary set of rules that parties promise to follow  Making a deal  Not all promises are legally enforceable, but a contract is legally enforceable o Promises are one-sided o Therefore, contracts are often low on ethics o Contract law requires me to get something out of it  Formation  about how to change a promise to a legally enforceable contract  If they don’t follow them, they may be forced to follow them by the contracts  “Breach of contract” is the cause of action that us used to force someone to live up to their promises or pay the price o Like the negligence of contract law o The most important and the goal (we all work for) Elements of the Breach of Contract Cause of Action  Must prove that there is a contract  The contract contains a term or clause that requires the other party to fulfill (perform) an obligation o They promised to do this  Other party did not do what was required by contract so compensation is owing o Sometimes, it’s not that they didn’t do it entirely but they did part of it, then stopped Breach of Contract Analysis 1. Is there a Contract?  Forming a contract  Ch. 5 & 6  Backing out of a contract  Ch. 7, 8, 9 i. Ie. Under what conditions can I back out of a contract 2. What does the contract require or mean?  What do the words mean  Ch. 10 i. If. If I promise to paint your house, what is the meaning of the word paint?  Who must abide by the terms  Ch. 11 3. Did I get what I bargained for?  Was the contract performed, breached or discharged  Ch. 12  What remedy am I entitled to  Ch. 13 Is there a Contract? Formation  Required elements of a Contract: o Offer o (must be) Acceptance o Consideration  Must have value both ways  The price you pay or the promise you get  Does not have to be money but must be of value o Intention  There must be intention to form a contract  Presumed  Does not have to be written o May be a nod, just words or actions Offer & Acceptance  Question: how to tell whether it is an offer to a contract o Or just an invitation  ie. ads o The offer takes place when we put the product at the cash register  Offer: the promise to both sides  Acceptance: “Yes” o Cannot put more offer into the acceptance o As soon as the offer is rejected, it is dead  Cannot resurrect an offer  Offeror: making an offer to an offeree o Offeree can make a counter offer to the Offeror and make a counter-offer  Their roles switch  They can reject by counteroffering  The offer is the source of the terms of the contract o Ie. offering to buy the items at the grocery store for the sticker price marked  The cashier accepts it o Often make the deal before the contract is performed  It can be written or oral or by conduct  Offer must be capable of acceptance o Ie. not an invitation to treat, advertisement or puffing o Is it just something I can actually accept or is it just trying to draw me into the store or for humour  It must contain enough particulars to form the basis of a contract  Acceptance must be unqualified and communicated to the offeror  Offer may put a time limit on acceptance  If it expires it is said to “lapse”  Otherwise, you can revoke your offer prior to receiving acceptance  Acceptance may be word or action but it must be in a timely manner  It does not have to actually received but it will form a contract if it is communicated to the offeror  Revisin
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