MGT 2106 Lecture Notes - Lecture 10: Quasi-Contract
Document Summary
Third party can read it and tell you exactly what parties were agreeing to. Agreement to two or more parties enter into. Consideration - for promise made by one party other party must be providing something of value. Legality contract purpose must be to accomplish some goal that is legal. The law recognizes everyone"s ability to enter freely into contractual arrangements. Express contract the terms of the agreement are fully and explicitly stated in words (most contracts are these, i. e. leases) can be written or verbal. Implied in fact a contract that is implied from the conduct of the parties. Fictional contracts imposed on parties by courts as if the parties had entered into an actual contract. Usually imposed to avoid the unjust enrichment of one party at the expense of another unconscious and get medical services (i. e. , someone paints your house) Limitation people cannot be forced to pay for benefits thrust on them.
