LAWS 200 Lecture Notes - Lecture 6: Natural Disaster, Nummelan Palloseura
Document Summary
If someone breaches contract there is a remedy. Make sure the person wronged is provided a remedy that will put that person in the same position they would be in if the contract was performed. Use this to determine how to interpret contract. Bilateral contract-make a promise in exchange for a promise. Ex do a service in exchange for money. One party must fully perform in order to get reward. Ex go out for food and pay for food--contract is to pay for food. Requirements for valid contract: competence/capacity--understand the consequences--mental capabilities, age, no intoxication, mutual assent--mutual intent to make this deal(meeting of the minds, offer--intent to be legally bound (prove meeting of the minds) Must be living--must define how long the offer will stand (date/time. Terms must be directly told to offeree--cannot use an intermediary because you must be sure they understand what the terms are. If offer is written, must accept in writing.
