BUS 263 Lecture Notes - Lecture 2: Electronic Signature, Specific Performance, Liquidated Damages
Document Summary
Law 263 exam 2 notes (chapters 6-9) Substantive law bodies of law that prescribe what we can and cannot do. Essential to business to know how to negotiate deals. Definition of contract promise or set of promises that, if broken, a court will fashion a remedy. All contracts are promises, but all promises are not contracts. Contractual promises are enforceable while mere promises are not. Four elements that make a contractual promise: cannot sue for breach of contract unless , legal subject matter. Subject of contract cannot violate the law: legal capacity. Void law says contract does not exist. Voidable one of the parties can void the contract. Must tell other party if you choose to void the contract. A minor"s contract is voidable at the option of the minor, except for a necessity (anything that is essential for the welfare of the minor) Minor can enter into contracts: mental infirmity/incapacity.
