BU231 Lecture 6: Contracts-lesson 1
Document Summary
What is a contract: a promise or set of promises which the law will enforce, voluntary legal relationship unlike any other laws (tort and criminal liability are legal obligations forced upon people, when you enter" a contract you make a voluntary set of rules and you and every other party in the contract has to follow them, by law, if you don"t, you may be forced to by the courts, if you don"t follow those rules then there"s a breach of contract". Breach of contract: the cause of action that is used to force someone to live up to their promises or pay the price: which promises will the law enforce, mutual value exchanged(cid:224) if there"s nothing in it for you then its not a contract, thus the law cannot enforce if someone backs out, the law can only enforce the promises that include the 4 basic requirements to form a legally enforceable contract.
