LAW 3220 Lecture Notes - Lecture 10: Contract, Gulfstream Aerospace, Trailer Park
Document Summary
Definition of a contract (common law contract: contracts make sure a conversation is clear, most important thing in a contract- whatever is most. Because people enter into contracts but they don"t always put what is most important to them: freedom to contract. If you sign something it means you"ve read it and you understand it: ucc, contract: an exchange of promises that if you break the law can punish you for. A direct statement by the parties, promises made. You give me a donut i give you a dollar. There has to be an agreement to an offer and an acceptance. In some cases it has to be in writing. If you have all of these you have a valid. Termination of the operation of law: the acceptance. Communication of the offer: terminating an offer. Offer is crushed and killed in common law if you. If theres a job out there being advertised, they"ll ask for bids.