PO210 Lecture Notes - Lecture 7: Contract
Document Summary
Bilateral contract: contract between 2 parties or 2 entities. Contract where promises are made by each of the parties to the other, which are bound to perform. A and b is not binding to c, it is only binding if it is signatory to c. ex: i agree to sell you my car and you agree to pay me 10k. we bot benefit. : when you ask to find something in return of a reward, and when that something is found, the person pays the reward. System is a collection of date-labeled file folders organized in a way that allows time-sensitive documents to be filed according to the future date on which each document needs action. Limitation periods are very important, for ex: if you miss the time to sue someone you can not go back and sue them (limitation act).
