BALW20150 Lecture Notes - Lecture 2: Contract, Quasi-Contract, Oral Contract
16 Aug 2016
School
Department
Course
Professor
Document Summary
Promise declaration by a person (promisor) to do or not do a certain act. Promisee the person to whom the promise is made. Contract a promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty. What the party said when entering into the contract. But even if contract follows all above, it still may not be legal if the consent of both parties isn"t voluntary or if the contract isn"t in proper form. Offeree party to whom the offer is made. Types of contracts: bilateral contract the offeree can accept simply by promising to perform. Contract exists once the promises are made: unilateral the offeree can accept only by completing the contract performance. Contract exists once the contract is performed: formal contracts that require a special form or method of creation to be enforceable.
