BUS 207 Lecture Notes - Lecture 3: Study Bible, Uniform Commercial Code, American Law Institute
Document Summary
Exam 3 bus law notes on study bible 1. 21:16: in order for a promise to be treated as a contract you need, offer, acceptance, consideration, no defenses. Bilateral contract a promise in return for a promise. (if you put a roof, i will pay you ,000) after he makes the roof, a bilateral contract is created. If you do not, i do not have to pay you the money: the importance of the difference between bilateral and unilater contracts will become more apparent later. Damages: court will either enforce the promise, or, allow the plaintiff to recover his/her reliance losses/damages. Quasi contract is not a contractual obligation created by the parties, but is instead is an obligation imposed by law in order to avoid the unjust enrichment of one party at the other party"s expense. As a matter of law, the benefited party usually is required to pay the reasonable value of the benefits or services he received.
