BUS 205 Lecture Notes - Lecture 30: Quasi-Contract, Contract
Document Summary
Contracts are the basis of how our society does business. A contract must contain at least one "promise" A commitment to do something in the future. And, like tort law, most contract law comes from the common law. The party who makes an offer to enter into a contract. The party to whom the offer is made. All contracts begin when a person or a company proposes a deal. Once a party receives an offer, he must respond to it in a certain way. A promise made in exchange for another promise. I promise to sell you the coat and you promise to buy the coat for . If you promise to paint my house by november 1 then i will pay you. It doesn"t have to be the words "i promise" A binding agreement in which one party has made an offer that the other party can accept only by action, not words.
