BUL 4421 Lecture Notes - Lecture 9: Quid Pro Quo, Executory Contract, Quasi-Contract
Document Summary
Contract law reflects what promises/commitments our society believes should be legally binding. What is legally binding is consideration, quid pro quo , something for something, ie. you give me something i did not legally have before, like money, in exchange for something. Every contract has a promise, an enforceable promise. But not all promises are contracts, like if. I tell you i"m taking you to lunch, this is not a contract, because it is gratuitous in nature. Contract law reflects what justifications our society will accept for breaking a contractual commitment. Offeree- the person to whom the offeror proposed the agreement to. When you break a contract you may be subject to injunctive relief by court. Legal object- the contract must have legality of purpose. Defenses to enforcement of a contract: lack of genuine assent (ie. lack of voluntary consent, lacks proper form.
