BU231 Lecture Notes - Specific Performance, Estoppel, Equal Pay For Equal Work
Document Summary
Like option law: its voluntary, when you create a contract you elevate an ordinary promise that you might make everyday, by using contract law you can make this a legally enforced set of promises. If you are not living up to the contract you can be sued and be forced to pay damages. There are moral and ethical obligations of a contract as well: they don"t make a distinction between promises (usually) What is a contract: voluntary set of rules that parties promise to follow, both sides make promises. Lease: often the formation of the contract and the act carried out are months apart. If they don"t follow them they may be forced to follow them by the courts. Breach of contract is the cause of action that is used to force someone to live up to their promises or pay the price: most general cause of action. Elements of the breach of contract cause of action.
