BSLW1021 Lecture Notes - Lecture 15: Quasi-Contract, Option Contract, Contract
Document Summary
Contract: a legally binding agreement: promise/set of promises for which the court/law will give you a remedy if breeched. Can put whatever you want in the contract tremendous freedom in contracts as long as there are no illegal aspects. Can be any agreement you want to make. What makes a contract legally binding: have to have an agreement offer and acceptance. If offer and acceptance match up then you have an agreement. If did not agree then not a valid contract: competent parties people and parties entering into contract are competent. Lesson: do not contract with minors, have to be careful with how we contract; have the ability to get out of contracts because they are minors (very protective of minors) If party does not understand they are entering into a contract then they cannot make an agreement: genuine assent someone was under extreme duress or undue influence from another party to sign the contract.
